Official dollar rate drops, rises at parallel market

The FMDQ Exchange revealed that the United States Dollar (USD) was sold at a reduced rate of N742.93 kobo/$1 at the close of trading in the official market on Tuesday.

According to the official market aggregator, the price of the dollar slumped by N52.35 kobo compared to the N795.28 kobo the US currency was sold the day before.

Dollar rate in the Investors’ and Exporters’ window had also exchanged at the lowest price of N707.99 kobo/$1.

On the back of the decline in the dollar rate, the value of foreign exchange transacted in the Investors’ and Exporters’ window increased by $121.74 million.

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Foreign exchange traders transacted $156.29 million worth of forex, which is 352.35 per cent higher than the $34.55 million transaction reported after Monday’s session.

While the value of the dollar slumped in the Investors’ and Exporters’ window, the price of the USD rose in the black market, where it was sold for N810/$1.

The United States currency had traded flat at N804.8 kobo/$1 on Monday, holding on to the same rate reported on Friday. However, the USD rate went up slightly by N5.2 kobo on Tuesday.

For the pound, the Naira Rates, a price aggregator in the parallel market, disclosed that the British pound was offered at N1075.4/£1, up from N1068.5/£1.

The euro followed in the same footstep, as the average rate of the European currency was put at N923.6/€1, in contrast to the previous day’s N916.1/€1.