Naira Gains Ground as Dollar Rate Dips to N742.31/$1

The Nigerian naira exhibited strength against the United States dollar as the naira to dollar rate closed trading at N742.31/$1 on Wednesday in the investors’ and exporters’ window of the official market. According to a foreign exchange report by FMDQ Exchange, the dollar rate experienced a decline from Tuesday’s N768.44/$1 rate, marking a decrease of N26.13 kobo. This resulted in a 3.4% increase in the value of the naira.

Foreign exchange traders engaged in transactions at varying rates, with the highest rate recorded at N820/$1 and the lowest rate at N600/$1 throughout the day. The overall foreign exchange transactions for the day saw a marginal increase, with $89.37 million traded before the close of activities. This reflected an increase of $15.51 million compared to the previous day’s transactions.

In the Bureau De Change window of the black market, the average dollar rate stood at N772/$1, according to Naira Rates, a parallel channel aggregator. The naira to dollar rate in this market segment experienced a slight rise of N2.4 kobo or 0.3%, compared to the previous day’s rate of N769.6/$1.

The British pound also demonstrated an upward trend in the parallel market, as it climbed from N992.5/£1 to N996.8/£1, indicating a 0.43% drop in the value of the naira. Similarly, the euro experienced a marginal increase of N1.6 kobo, with an average rate of N854.1/€1, surpassing the previous day’s rate of N852.5/€1.

These fluctuations in exchange rates highlight the dynamic nature of Nigeria’s foreign exchange market, where the naira’s value fluctuates against major international currencies like the US dollar, British pound, and euro.

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