Dollar rises to N756/$1 at black market


After trading session on Wednesday, exchange rate for the Dollar rose to N756.8 kobo/$1 at the parallel market which is against the N752.8 kobo/$1 reported on Tuesday, according to Naira Rates.

However, the Naira regained some value lost to the United States Dollar (USD) on Tuesday in the official market.

According to the FMDQ Exchange, the Dollar was sold to foreign exchange (Forex) traders at the cost of N463.33 kobo/$1, which is below the N464.42 kobo/$1 reported the day before.

The Nigerian currency appreciated by 0.23 per cent at the end of trading in the foreign exchange market, indicating the Dollar rate decreased by N1.09.

Ripples Nigeria gathered that investors and exporters were offered the Dollar at a high rate of N467/$1 during trading hours on Wednesday.

Although, before the foreign exchange market closed, traders bought the United States Dollar at a low rate of N460/$1, before halting at N463.33 kobo/$1.

With the Dollar trading at different rates, forex traders purchased $77.00 million in foreign exchange in the investors’ and exporters’ window.

This contrasted with the $215.91 million foreign exchange transactions recorded on Tuesday. The difference in the value of transactions represents N138.91 million or 64.33 per cent decline.

Meanwhile, the Pound rate was put on sale for N955.58 kobo/£1, while the Naira was exchanged for the Euro at N829.3 kobo/€1.

This article originally appeared in Ripples Nigeria


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