Authorised dealers increase naira to dollar exchange rate

Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Authorised dealers increase to exchange rate

The United States (USD) was offered to clients of authorised dealers at a rate of N771.59/$1 at the end of trading in the official market on Wednesday.

Based on data released by the FMDQ Exchange, the authorised dealers increased the rate by N26.62 kobo from the N744.97/$1 rate offered at the of Tuesday's session.

Before the curtain was closed on activities in the official market, both the authorised dealers and their clients traded the United States currency at a high and low rates of N799.90/$1 and N705/$1, respectively.

Eventually, the official market closed with exchange traders transacting $65.30 million worth of forex in the Investors' and Exporters window.

READ ALSO: gains 0.39%, exchanges for N744/$ at

This is slightly above the $63.60 million in exchange transacted during trading the preceding day, revealing an increase of N1.70 million or 2.67 per cent.

Meanwhile, in the black market, the average naira to dollar rate was N920.9/$1, maintaining the same average rate reported during trading on Tuesday.

In the same vein, the United Kingdom currency, the pound, was offered at an average rate of N1174.2/£1, depreciating slightly from the N1174.6/£1 rate posted the previous day.

Also, the euro, was placed on sale at an average price of N1002.5/€1. The exchange rate of the European currency recorded a steep drop from the previous day's N1004.6/€1 rate.

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