Strong Surge: Naira Shows Remarkable Improvement in Official and Black Markets

The FMDQ Exchange has reported that the official market trading on Tuesday concluded with a foreign exchange rate of N471.67 per dollar between the Nigerian naira and the United States dollar.

This information sheds light on the current state of the currency exchange dynamics and serves as a benchmark for assessing the value of the naira against the dollar.

It was learnt that the naira appreciated by 0.17 percent, with authorized dealers reducing the cost of the dollar by N0.83 kobo from N472.50/$1.

According to the FMDQ report, the highest rate the dollar was offered during trading was N477/$1, while the lowest rate was N460/$1.

The report further disclosed that investors and exporters traded N114.78 million in foreign exchange, as the supply of international currencies increased in the official market.

Recall that last Friday, the value of foreign exchange transacted was $77.42 million. This shows supply rose by N37.36 million or 48.2%

Furthermore, the dollar rate fell to N755.7/$1 in the Bureau De Change window of the black market, from N758.5/$1 reported on Monday, Naira Rates, a forex parallel aggregator stated.

Similarly, the naira appreciated against the pound in the parallel market, with both currencies trading at N964.6/£1, against the previous day’s N966.9/£1 rate.

Also, the euro was sold at a lower rate of N829/$1, when compared to the N830.3/€1 rate reported during trading the previous day.

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