On Monday, the United States Dollar experienced a significant drop of N18.82 kobo in the Investors’ and Exporters’ window of the official market, closing at N756.94/$1 at the end of the trading session.

The decline comes after both the United States Dollar and the Naira closed at N775.76/$1 in the same window last Friday, according to a report from the official market forex rate aggregator, FMDQ Exchange.

Before settling at N756.94/$1, clients were offered the United States currency at a high rate of N830/$1 and a low rate of N651/$1.

Furthermore, the data from FMDQ revealed that foreign exchange trading in the Investors’ and Exporters’ window witnessed a significant increase, with $67.21 million traded on Monday, compared to the $54.18 million reported on Friday.

Meanwhile, in the parallel market, the dollar rate closed slightly lower at N862.3/$1 on Monday, compared to N863.8/$1.

On the other hand, the British pound saw an appreciation against the Naira in the black market, settling at N1124.3/£1, rising from N1119.2/£1.

However, the Nigerian currency showed strength against the euro, with both currencies trading at an average rate of N963.6/€1, higher than Friday’s rate of N959.5/€1.

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