Dollar stable at official window, depreciates in black market

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The foreign exchange rate ended trading on Thursday at a rate of N464.67/$1 in the official market, the same rate the dollar closed on Wednesday.

This was disclosed by the FMDQ Exchange, which stated that the naira to dollar exchange rate peaked at N467/$1 at some point during trading and also traded at a low of N460/$1 before eventually closing at N464.67/$1.

According to the foreign exchange rate aggregator, investors and exporters traded $250.98 million worth of forex at the end of the session.

During trading the previous day, forex traders had exchanged $163.74 million. This means the value of forex transacted increased by $87.24 million or 53.27 per cent.

READ ALSO:Dollar rate drops at black market, rises in official window

While the naira was stable in the official market, it gained in the black market where the cost of the dollar depreciated by N15.4 kobo.

The average dollar rate in the parallel market was N734.6/$1 on Thursday, indicating the naira appreciated in value by 2.05 per cent.

Similarly, the naira to euro exchange rate closed at N796/€1, below the N813.6/€1 rate the international currency was sold to traders the day before,

Also, the British Pound was sold at N923.2/£1 rate, which is N19.3 kobo or 2.04 per cent lower than Wednesday’s rate of N942.5/£1.

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