Naira begins new week at N770/$1 at official market

The naira to dollar exchange rate was put at N770.17/$1 at the close of trading, in the official market at the end of last week, according to the FMDQ Exchange.

Foreign exchange (Forex) traders haggled the price of the dollar from the N765.13/$1 exchange rate the United States currency was sold at the end of Thursday’s session.

Authorised dealers and their clients had bargained the dollar as high as N801/$1 during trading on Friday, and as low as N461.10/$1.

With the increase in the value of the dollar or depreciation of the naira, the foreign exchange dealers saw a decline in the value of forex transacted.

In the investors’ and exporters’ window, foreign exchange traders recorded $125.47 million in forex transactions, down from $204.84 million reported on Thursday.

Also, in the black market, the naira depreciated against the dollar to N768.4/$1, in contrast to the previous day’s N763.7/$1 rate.

The naira to pound average exchange rate was reported at N992.9/$1 by Naira Rates, a black market aggregator, which disclosed that the day before, the rate was N990.7/£1.

Furthermore, the average black market rate for the euro was N848.8/€1, inching higher from N843.3/€1 reported during trading the previous day.