Dollar rate up in official window, drops in black market

On Monday, traders at the the official foreign exchange (Forex) market bought the United States Dollar (USD) at the cost of N463.5 kobo/$1.


The price of the Dollar rose by N0.5 kobo from the N463 it was sold the day before, as the Naira fell in value by 0.10 per cent at the close of the business hour in the official window.

Data obtained from the FMDQ Exchange showed that before the dollar closed at N463.5 kobo/$1, it had hit a high of N467/$1, and a low of N460/$1.

At the end of the day, investors and exporters in the official market transacted $106.84 million in foreign exchange, FMDQ Exchange reported.

When compared to the $91.81 million foreign exchange transactions reported last week Friday, the value of transactions increased by $15.03 million or 16.3 per cent.

READ ALSO:Dollar rate crashes in black market, as CBN fights USD with $1.8bn

In the black market, traders sold the Dollars at N752.8/$1, according to Naira Rates, an aggregator of foreign exchange rates. This is below the N759.7 kobo/$1 rate offered last week Friday.

Also, the British Pound went for N950.7 kobo/£1 on Monday, having exchanged for N957.7 kobo/£1 on Friday.

The Euro was sold at the rate of N831.8 kobo/€1 in the black market on Monday, reflecting the Naira gained some ground, considering both currencies traded at N839.4/€1 on Friday.

Note that on Friday, the interbank rate of the Central Bank of Nigeria (CBN) put the official Naira to Pound rate at N573.7 kobo/£1, while the Euro was placed on sale for N498.4/€1.

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