The exchange rate of the Nigerian naira against the US dollar in the Investors’ and Exporters’ window registered a significant improvement, settling at N768/$1 on Thursday, reflecting a 3.21% appreciation. The asking price for the US dollar decreased by N25.54 kobo from the previous day’s rate, closing at N793.70/$1.

The official market saw fluctuations in the naira to dollar rate, with values ranging between N700/$1 and N844/$1 throughout the day. However, despite the dip in the dollar’s price, trading activities didn’t witness increased buying or a drop in supply.

According to reports from FMDQ Exchange, foreign exchange transactions of investors and exporters in the official market decreased by 33.22%.

Meanwhile, the British pound witnessed an increase in value, rising to N1125/£1 from N1090.13/£1, with an increment of N34.87.

In the parallel market, the euro was sold at N976.1/€1, compared to the previous day’s rate of N937.4/€1.

Overall, the total forex transaction value dropped to $58.22 million, a decrease of $28.97 million from the previous day’s figure of $87.19 million.

At the black market, the dollar gained strength against the naira, with an average price of N859.3/$1, up from N816.6/$1.

Leave a Reply

Your email address will not be published. Required fields are marked *