Business
Naira now N789/$1 at official market, hits N865.3/$1 at parallel market
On Tuesday, the naira to dollar exchange rate closed at N789.08/$1 in the investors’ and exporters’ window of the official market.
The United States currency costs investors and exporters N32.14 kobo more compared to the N756.94/$1 the USD closed at on Monday.
During trading in the official market, the American Greenback exchanged hands at a rate of N804/$1, the day’s peak, and also sold as low as N700/$1.
While both currencies traded at N789.08/$1 rate at the end of trading, it was gathered that foreign exchange traders transacted $67.33 million worth of forex.
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The value of foreign exchange transacted slightly increased by $120,000 or 0.17 per cent from $67.21 million reported the preceding day.
In the black market, the price of the United States Dollar also rose to N865.3/$1, rising by N3, from the previous day’s N862.3/$1.
Similarly, the British currency, the pound, inched higher from N1124.3/£1 to N1125.4/£1, according to Naira Rates, a parallel market aggregator.
Although the euro traded flat in the black market, selling at an average rate of N963.1/€1, compared to the N963.6/€1 offered the day before.
