On Monday, the price of the United States Dollar experienced a notable decline in the Investors’ and Exporters’ window of the official market, closing at N756.94/$1. This represents a decrease of N18.82 kobo compared to the previous rate.
Last Friday, both the United States Dollar and the Nigerian Naira had closed at N775.76/$1, making the current rate a considerable drop. According to reports from the official market forex rate aggregator, FMDQ Exchange, clients were previously offered the United States currency at a high rate of N830/$1 and a low price of N651/$1 before it settled at N756.94/$1.
Additionally, it was reported that investors and exporters conducted foreign exchange transactions worth $67.21 million on Monday, surpassing the $54.18 million worth of forex traded on the previous Friday.
In parallel markets, the dollar rate closed at N862.3/$1 on Monday, slightly lower than the previous rate of N863.8/$1, as stated by Naira Rates, a black market aggregator. However, the British pound appreciated against the Naira, settling at N1124.3/£1, compared to the previous rate of N1119.2/£1.
On the other hand, the Nigerian currency showed strength against the European currency, the euro, with both currencies trading at an average rate of N963.6/€1, which is higher than the previous rate of N959.5/€1 recorded on Friday.