On Tuesday, the naira to dollar exchange rate closed at N789.08/$1 in the investors’ and exporters’ window of the official market, indicating a significant increase compared to the previous day’s rate of N756.94/$1. This N32.14 kobo surge in the USD price has drawn attention to the ongoing fluctuations in the forex market.
Throughout the trading session, the American Greenback reached a peak of N804/$1 and a low of N700/$1. Foreign exchange traders conducted transactions amounting to $67.33 million worth of forex, slightly rising by $120,000 or 0.17% from the preceding day’s figure of $67.21 million.
In the parallel market, the value of the United States Dollar also experienced an increase, rising to N865.3/$1 from N862.3/$1, showing an N3 difference. Similarly, the British pound inched higher from N1124.3/£1 to N1125.4/£1, as reported by Naira Rates, a parallel market aggregator.
On the other hand, the euro maintained a flat rate in the black market, selling at an average rate of N963.1/€1 compared to the previous day’s N963.6/€1.
Market participants and investors are closely monitoring the currency’s performance as it continues to face fluctuations, which may impact various economic sectors in Nigeria.
