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Sunday, July 21, 2024

Naira to Dollar exchange rates drop in official and black markets

FMDQ Exchange reported that the exchange rate between the naira and the dollar rate depreciated to N736.62/$1 on Thursday after activities came to a close in the Investors’ and Exporters’ window.

In the report, it was learnt that the authorised dealers dropped the price of the United States’ currency by N34.97 kobo from the preceding day’s close of N771.59/$1.

While this indicated the value of the naira appreciated by 4.53 per cent, note that during intraday trading, the price of the dollar hit a peak of N799.90/$1 and a low of N700/$1.

Also, it was gathered that the total foreign exchange transactions recorded during trading in the I&E window of the official market was $66.43 million.

READ ALSO:Naira appreciates, exchanges for N736/$ at I&E window

The day before, the foreign exchange traders had recorded $65.30 million worth of forex. This is an increase of $1.13 million or 1.73 per cent between Wednesday and Thursday.

In another report obtained from the black market aggregator, Naira Rates, the American greenback was offered at an average rate of N912.5 per dollar, against the previous day’s N920.9/$1.

There was also a decline in the price of the British currency, the pound, which was exchanged in the parallel market at an average rate of N1153.5/£1, dropping from N1174.2/£1.

Data from the black market also showed that the European currency, the euro, struggled to keep its value against the naira, as it was offered at an average price of N990.9/$1, in contrast to the N1002.5/€1 rate posted in the preceding day.

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