Naira exchange rates to Dollar converge at both black, official markets

July 5, 2023
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Naira exchange rates to the US Dollar converged at both the parallel market and the official investors and exporters window on Tuesday.

The average black market dollar rate was N769.6/$1 on Tuesday, as the Bureau De Change (BDC) operators reduced their asking price.

They dropped the price of the United States Dollar (USD) slightly by N0.6 kobo, from the previous day’s N770.2/$1 rate, according to the Naira Rates, a parallel market aggregator.

However, the British pound rate was raised in the Bureau De Change window to N992.5/£1. The day before, the pound was sold at N991.5/£1.

Similarly, the European currency, euro, appreciated in value against the naira, as both currencies exchanged at N852.5//€1, up from N851.3/€1.

READ ALSODollar rate against Naira drops, euro, pound go up

Meanwhile, in the investors’ and exporters’ window of the official market, the naira to dollar rate ended trading at N768.44/$1.

Recall that the naira was exchanged at N741.50/$1 rate on Monday, indicating it cost buyers N26.94 kobo more to purchase the USD a day after.

However, before the naira to dollar rate closed at N768.44/$1, the USD and the Nigerian currency exchanged as high as N820/$1 and as low as N700/$1 in intra-day trading.

With the hike in the price of the dollar, the value of foreign exchange transacted fell further on Tuesday to $73.86 million, the FMDQ Exchange disclosed.

During trading the previous day, the foreign exchange traders transacted $88.68 million in the investors’ and exporters’ window. This is $14.82 million or 16.7 per cent decline in transaction.

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