Naira now N465.13/$1 as Gap between official, black markets’ rates reduces

At the end of trading in the official foreign exchange (forex) on Wednesday, the Naira was swapped for the Dollar at N465.13 kobo/$1.


Traders saw the Naira in their hand devalued by –0.1 per cent, as they paid N0.46 kobo more on every Dollar they bought when compared to the N464.67 the United States currency was sold on Tuesday.

It was gathered that during intra-day trading, the value of the Dollar had increased as high as N466.89/$1, but fell to N460/$1 at some point before stabilising at N465.13/$1.

The hike in the official rate of the Dollar didn’t deter investors and exporters, who expended $267.04 million to trade foreign exchange.

According to the FMDQ Securities Exchange, the supply of foreign exchange increased by 109.08 per cent or $139.32 million.

READ ALSO:Naira gains against Dollar in official market, hits N750 in black market

On Tuesday, Ripples Nigeria reported that the investors and exporters had traded $127.72 million in foreign exchange. On Monday, the value of transactions was significantly low at $55.10 million.

Also, the Central Bank of Nigeria (CBN) revealed that traders exchanged the Naira to Euro at N499.11 at the inter-bank foreign exchange market.

Meanwhile, on Tuesday, the black market reduced the gap between the parallel market and the official market to N275.33 kobo, as the Dollar sold for N740/$1 in the black market.

The gap between both foreign exchange markets was N287.67 on Monday, when the Naira to Dollar rate was put at N750/$1 in the Bureau De Change window of the black market, compared to the official rate at N462.33/$1.

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