Fluctuations in the Forex Market Witnessed as Dollar Trades between N446.32/$1 and N801/$1

In the investors’ and exporters’ window of the official market, foreign exchange traders concluded trading on Thursday with the naira exchanging at a rate of N765.13/$1. This marked a slight increase of N1.96 kobo compared to the previous day’s rate of N763.17/$1.

During the trading session, the price of the dollar experienced fluctuations, reaching a high of N801/$1 and a low of N446.32/$1. However, the closing rate settled at N765.13/$1.

Despite the volatility, authorized dealers and their clients recorded a total of $204.84 million in foreign exchange transactions, indicating a significant increase of $108.40 million or 112.40% compared to the previous day’s transactions of $96.44 million in the investors’ and exporters’ window.

In the black market, the naira was exchanged for the United States Dollar at an average rate of N763.7/$1, showing a slight increase from the rate of N760.3/$1 observed on Wednesday.

Moreover, the naira experienced depreciation in the parallel market, as the cost of the British pound rose from N983.4/£1 to N990.7/£1 during trading.

Similarly, the value of the European currency, euro, appreciated from N843.3/€1 reported the previous day to N853.1/€1.

These fluctuations highlight the dynamic nature of the foreign exchange market, influenced by various factors such as market demand, supply dynamics, and global economic conditions. Monitoring these trends is crucial for investors and individuals involved in foreign exchange transactions to make informed decisions.

Leave a Reply

Your email address will not be published.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