Naira-Dollar Exchange Rate Hits N770.17/$1 at the Start of New Week Trading

Forex Traders Witness Variation in Exchange Rates, Investors’ Window Records Decrease in Transactions

At the end of last week’s trading, the naira to dollar exchange rate settled at N770.17/$1 in the official market, as reported by the FMDQ Exchange. This marked a slight increase from the N765.13/$1 rate observed at the close of Thursday’s session.

Foreign exchange traders engaged in negotiations, resulting in the dollar being traded as high as N801/$1 and as low as N461.10/$1 during Friday’s trading. The fluctuation in exchange rates contributed to a decline in the overall value of forex transactions.

In the investors’ and exporters’ window, forex traders recorded $125.47 million in transactions, a decrease compared to the $204.84 million reported on Thursday.

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

The average exchange rate for the naira to pound was reported at N992.9/$1 by Naira Rates, a black market aggregator, indicating a slight increase from the previous day’s rate of N990.7/£1.

Furthermore, the average black market rate for the euro inched higher to N848.8/€1, up from N843.3/€1 observed during the previous day’s trading.

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