Official Market Traders have increased Dollar Rate to N702 as Black Market USD and Pound Rates drop massively.
NewsOnline Nigeria reports that the official market dollar rate ended Thursday’s trading with N702.19/$1, up from the N664.04/$1 reported during the previous day’s session.
According to the analysis of the official dollar rate provided by FMDQ Exchange, authorised dealers increased the cost of the United States currency by N38.15 kobo, indicating that the value of the naira fell by 5.74%.
Although, before the session ended, Prime Business Africa learnt that the naira had traded for the dollar at the highest rate of N791/$1 and also went as low as N461/$1, but eventually closed at N702.19/$1.
FMDQ Exchange reported that in the investors and exporters window of the official market, a total of $70.74 million foreign exchange was transacted.
This fell below the $193.33 million transacted by foreign exchange traders the day before, reflecting $122.59 million or 63.4% drop in transactions.
However, buyers of the United States currency in the black market recorded N4.1 kobo or 0.53% drop in the cost of the dollar on Thursday.
NewsOnline reports that Naira Rates, a parallel rate aggregator, disclosed that the average rate at which the dollar was sold was N756.2/$1, which is lower than the N760.3/$1 rate the previous session.
Also, the pound depreciated to N971.4/£1, down by N4.6 kobo or 0.47% from N976/£1 buyers of the British currency paid the preceding day.
The story of the euro was not different, considering the European currency was sold at N834.4/€1 reported on Wednesday, but the average rate it went for the next day was N831.2/€1.
