Cost of dollar, euro and pound rise in black market, USD sells at N663 in official window

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The United States Dollar was sold at N663.04/$1 at the close of trading in the official market on Friday, as the naira recovered by 5.57%.

Authorised dealers saw the price of the dollar drop by N39.15 kobo at the end of trading, from the N702.19/$1 the USD was sold the previous session.

Before the dollar rate closed on Friday, within trading hours, the highest the American currency was hawked was N791/$1 and the lowest was N461/$1, FMDQ Exchange data showed.

At the end of the day, the amount of foreign exchange transacted by buyers and sellers in the official market was $311.83 million, the highest this year.

READ ALSO:Dollar, pound and euro rates at black market defy official devaluation of naira

This is a significant increase of $241.09 million or 340.8% when compared to the $70.74 million forex investors and exporters traded the day before.

In the black market, the dollar slightly gained against the naira, trading at an average rate of N757.4/$1, against the N756.2/$1 both currencies traded on Thursday.

This is according to Naira Rates, a black market aggregator, which also reported that the naira to pound exchange rate was N983.8/£1, up from N971.4/£1.

Also, the European currency, the euro, appreciated against the Nigerian currency, trading at N841.8//€1, above the N831.2/€1 the foreign currency was sold the previous day.

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