US Dollar, Pounds, Euro Black Market and Official Rate Today, Wednesday July 12, 2023
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.
