Dollar hits N702/$1 at official market, drops in black market

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The cost of one dollar increased by N38.15 kobo in the official market on Thursday, as authorised dealers sold the United States currency at N702.19/$1 at the end of trading.

This implies the value of the naira depreciated by 5.74% in the last 24 hours, as the naira to dollar exchange rate closed trading on Wednesday at N664.04/$1.

During trading on Thursday, FMDQ Exchange reported that the highest dollar rate in the last 24 hours was N791/$1, while the lowest rate was N461/$1.

At the end of the session, over $70.74 million in foreign exchange transactions was recorded in the investors’ and exporters’ window of the official market.

Ripples Nigeria gathered that foreign exchange transactions fell by $122.59 million or 63.4% from the $193.33 million forex that authorised dealers sold the previous day.

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

Meanwhile, in the black market, pressure from the official market’s naira devaluation has started to mount on the value of the dollar in the Bureau De Change window, as the average rate of the USD was N756.2/$1 on Thursday.

The dollar depreciated in value by N4.1 kobo or 0.53% during trading, as the American greenback was offered at an average rate of N760.3/$1 the day before.

Also, the rates of the British pound and the European currency, the euro, fell by N4.6 kobo and N3.2 kobo, respectively, as the naira appreciated in value.

It was gathered from data provided by Naira Rates, a black market forex aggregator, that the pound was sold at N971.4/£1 to buyers, against the previous day’s N976/£1.

Likewise, the euro was sold at a lower rate of N831.2/€1, as the value fell by 0.38% in the parallel market from N834.4/€1 reported on Wednesday.

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