Dollar rate falls at official market, USD, euro and pound rise in black market

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The value of the dollar fell in the investors’ and exporters’ window on Tuesday, as the naira appreciated against the United States currency by 1.78%.

According to the FMDQ Exchange, the platform aggregating the official market rate, the naira to dollar rate closed at N756.61/$1.

The data obtained showed that the authorised dealers and their clients cut the price of the dollar down by N13.77 kobo, as they had traded the American greenback at N770.38/$1 rate on Monday.

It was gathered that the dollar rate hit N781/$1 during trading. This was the highest rate of the day, but it also traded at the lowest rate of N465/$1.

Following trading activities, FMDQ Exchange disclosed that $134.47 million in foreign exchange were transacted at the investors’ and exporters’ window.

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

Foreign exchange supply increased by $72.3% or $56.44 million at the end of Tuesday’s session, up from $78.03 million forex traded the preceding day.

In the black market, the dollar went for N759.1/$1, rising from N757.4/$1 reported by parallel market aggregator, Naira Rates.

Similarly, the British pound increased in value against the naira, as both currencies traded at N987/£1, above the N985.9/£1 offered the day before.

Buyers interested in the euro were sold the European currency at an average rate of N843.6/€1, higher than the N841.2/€1 rate they bought the foreign currency the previous day.

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