Dollar Rate Drops In Official Channel, USD, Pound, Euro Rates Increase in Black Market

Dollar Rate dropped in official channel as USD, Pound, and Euro rates increased in the black market.

 

Newsonline Nigeria reports that the authorised dealers sold the dollar at a reduced rate on Monday, 10 July, as buyers parted with N744.07/$1 at the end of trading in the official market.

 

In a report released by the FMDQ Exchange, it was learnt that the cost of one dollar was reduced by N32.83 kobo, from Friday’s N776.90/$1.

However, the foreign exchange buyers also bought the dollars at N800/$1 and N700/$1, which are the highest and lowest rates of the day respectively. 

 

At these various prices, the foreign exchange traders purchased forex worth $97.69 million, up from $73.42 million, the forex aggregator revealed. 

 

They increased the value of the transactions in the investors’ ad exporters’ window by 33.05 per cent or $24.27 million, Newsonline Nigeria learnt.

Although, in the black market, the average rate of the United States Dollar (USD) was N783.4/$1, according to the Naira Rates, the parallel channel window. 

 

The dollar rate rose by N9.1 kobo or 1.17 per cent to N783.4/$1 in the Bureau De Change window of the black market, from N774.3/$1 rate.

 

Foreign exchange traders in the parallel market also recorded an increase in the pound average rate, which was N1019.2/£1, rising from N1002/£1. 

 

Dealers of the euro banknotes in the black market raised their asking price to N871.6/€1, as the European currency cost buyers N15.7 kobo more than the N855.9/€1 rate last week Friday.