Home Business Naira-to-Dollar exchange rate hits N841/$1

Naira-to-Dollar exchange rate hits N841/$1


The Naira-to-Dollar exchange rate traded as high as N841/$1 in the official market on Friday, with foreign exchange traders increasing the value of transactions by $17.8 million.

The official market did not open on Wednesday and Thursday due to the public holiday declared to celebrate the Eid-el-Kabir festival.

According to FMDQ Exchange, the N841/$1 rate was the highest the dollar sold for the day, although the greenback was also sold for as low as N461.50/$1.

Eventually, the Naira-to-Dollar exchange rate settled at N769.25/$1 on Friday, as the cost of the United States currency was increased from N763/$1 as reported on Tuesday.

Despite the authorised dealers increasing the price of the dollar by N6.25 kobo, foreign exchange traders raised their value of transactions by 7.24 per cent.

At the end of the trading session at the official market, investors and exporters transacted $263.45 million in foreign exchange, up from $245.65 million on Tuesday.

In the Bureau De Change window of the black market, the prices of the United States Dollar (USD), the British pound and the European currency, the euro, all dropped.

A report by Naira Rates, a parallel market aggregator, disclosed this, stating that the Dollar depreciated from N766.6/$1 to N764.3/$1.

Similarly, the average rate of the British pound dropped by N11.9 kobo or 1.19 per cent to N980.9/£1, from N992.8/£1 rate.

It was also reported that the euro was exchanged at a reduced price of N843.2/€1, which is N8.8 kobo or 1.03 per cent lower than the N852/€1 the European currency trade for the naira on Tuesday.

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