The FMDQ Exchange has reported that the United States Dollar (USD) closed at a reduced rate of N742.93 per dollar in the official market on Tuesday. This marks a significant drop of N52.35 compared to the previous day’s rate of N795.28.

In the Investors’ and Exporters’ window, the dollar also experienced a decline, hitting its lowest price of N707.99/$1. Consequently, foreign exchange transactions in this window increased by $121.74 million, with forex traders transacting $156.29 million. This represents a remarkable 352.35% surge compared to the $34.55 million transacted on Monday.

While the dollar rate decreased in the official market and the Investors’ and Exporters’ window, it saw a slight increase in the black market, where it was sold for N810/$1. On Monday, the black market rate stood at N804.8/$1, remaining steady since Friday. However, on Tuesday, it rose marginally by N5.2 kobo.

In parallel market trading, the Naira Rates aggregator disclosed that the British pound was offered at N1075.4/£1, up from N1068.5/£1. Similarly, the average rate of the euro was reported at N923.6/€1, compared to the previous day’s rate of N916.1/€1.

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