Foreign currency traders, on Thursday, exchanged the dollar for N765.13/$1 at the close of trading in the investors’ and exporters’ window of the official market.
The price of the dollar increased slightly by N1.96 kobo from the N763.17/$1 the Naira was traded for the American greenback on Wednesday.
Even though the Naira to dollar exchange rate closed at N765.13/$1, at some point during trading, foreign exchange traders saw the price of one dollar rise to a high of N801/$1, as well as trading at a low of N446.32/$1.
In spite of the fluctuation, authorised dealers and their clients recorded $204.84 million in foreign exchange transactions for the day.
That is an increase of $108.40 million or 112.40%, bearing in mind that foreign exchange traders had transacted $96.44 million in the investors’ and exporters’ window the day before.
Traders in the black market exchanged the Naira for the United States Dollars at an average rate of N763.7/$1, as the cost of the USD inched higher from N760.3/$1 on Wednesday.
Likewise, the Naira depreciated in the parallel market, as the cost of the British pound increased from N983.4/£1 to N990.7/£1 during trading.
In the same way, the value of the European currency, euro, rose from N843.3/€1 reported the day before, to N853.1/€1 the day after.