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.
