Naira Strengthens as Dollar Value Declines in Investors’ and Exporters’ Window

The value of the dollar experienced a decrease in the investors’ and exporters’ window on Tuesday, resulting in the appreciation of the naira against the United States currency by 1.78%.

According to the FMDQ Exchange, which provides the official market rate, the naira closed at N756.61/$1 against the dollar.

Data from the exchange indicated that authorized dealers and their clients reduced the price of the dollar by N13.77 kobo, as they traded at a rate of N770.38/$1 on Monday.

Throughout the trading session, the dollar reached a peak rate of N781/$1, while the lowest rate recorded was N465/$1.

The FMDQ Exchange reported a total transaction volume of $134.47 million in foreign exchange at the investors’ and exporters’ window, marking an increase of $56.44 million or 72.3% compared to the previous day’s trading volume of $78.03 million.

In the parallel market, the dollar was exchanged at N759.1/$1, rising from the previous rate of N757.4/$1, as reported by Naira Rates, a parallel market aggregator.

Meanwhile, the British pound also gained value against the naira, with both currencies trading at N987/£1, surpassing the previous day’s rate of N985.9/£1.

For buyers interested in the euro, the average rate stood at N843.6/€1, representing an increase from the previous day’s rate of N841.2/€1.

The naira’s appreciation against the dollar and other major foreign currencies in the investors’ and exporters’ window reflects the current dynamics in the foreign exchange market, as traders and investors monitor fluctuations and make their respective transactions accordingly.

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