On Tuesday, the closing rate of the Nigerian naira to the US dollar in the investors’ and exporters’ window of the official market was N788.42/$1. According to the FMDQ Exchange, the official rate aggregator, this rate surpassed the previous day’s rate of N744.07/$1.
This indicates that authorized dealers raised their asking price by N44.35 kobo or 5.96% by the end of trading in the official market.
In addition to this increase, the authorized dealers also sold foreign exchange at the highest rate of the day, which was N803/$1, and the lowest recorded rate of N730/$1.
As the value of the US dollar rose in the official market, the volume of foreign exchange transactions declined by 30.28%.
In the investors’ and exporters’ window, foreign exchange traders conducted forex transactions worth $68.10 million. This amount is $29.59 million lower than the previous day’s recorded value of $97.69 million.
Furthermore, in the black market, foreign exchange traders witnessed a N7.4 kobo increase in the dollar’s price, leading to a 0.9% depreciation of the naira’s value.
Dealers in the Bureau De Change window of the black market raised the average dollar rate to N790.8/$1, surpassing the previous day’s rate of N783.4/$1.
Moreover, the price of the British pound continued to rise in the parallel market, with an average rate of N1034.6/£1, compared to the previous rate of N1019.2/£1.
Similarly, the euro was sold at a higher rate of N884.7/€1 in the parallel market, as foreign exchange traders transacted the European currency at a higher rate compared to Monday’s rate of N871.6/€1.