On Monday, foreign exchange (Forex) traders concluded their official forex trading session with the exchange rate of one US dollar selling at N744.07/$1. This marked a decline from the rate of N776.90/$1 reported at the end of Friday’s session.
The decrease in the exchange rate indicates that the Nigerian naira appreciated in value, as authorized dealers were willing to lower the price of the United States dollar by N32.83 kobo.
During the official market trading, buyers had the opportunity to purchase the US dollar at different rates, with the highest rate recorded at N800/$1 and the lowest rate reported at N700/$1.
At the end of the trading day, FMDQ Exchange disclosed that authorized dealers and their clients conducted foreign exchange transactions amounting to $97.69 million, representing a 33.05% increase or $24.27 million compared to the $73.42 million recorded on Friday.
However, in the black market, USD buyers faced higher costs, as the dollar rate increased by N9.1 kobo, resulting in a 1.17% depreciation of the naira’s value.
In the Bureau De Change window of the black market, the average dollar rate rose from N774.3/$1 to N783.4/$1. Additionally, the average pound rate in the parallel market, according to Naira Rates, increased from N1002/£1 on Friday to N1019.2/£1.
The European currency, the euro, also experienced an increase in value, with the price rising to N871.6/€1 compared to the previous average rate of N855.9/€1.
