CBN’s official dollar rate falls, black market surges

On Tuesday, 25th July, the dollar rate experienced a slight decrease in the Investors’ and Exporters’ window of the CBN-backed official channel, as reported by Newsonline Nigeria. The rate dropped from N792.04/$1 on Monday to N791.42/$1 on Tuesday.

At the close of trading in the official market, the dollar witnessed an increase of N0.62 kobo. The highest and lowest rates of the day in the official market were recorded at N845/$1 and N730/$1, respectively.

On the official market, a total of $51.55 million worth of foreign exchange was traded, reflecting a rise in supply compared to the $49.46 million worth of forex traded on Monday—an increase of $2.09 million or 4.22 per cent.

In the black market, the Bureau De Change window’s average dollar rate was reported at N851.3/$1 based on data from Naira Rates, a parallel channel aggregator. The previous day, the US currency was traded at a rate of N847.02/$1.

Additionally, it was observed that the value of the United States Dollar increased by N4.28 kobo, while the price of the pound rose by N6.3 kobo. The British pound went from N1103.9/£1 to N1110.2/£1 in the Bureau De Change window, resulting in a 0.57 per cent depreciation in the value of the naira.

Similarly, the euro experienced a price increase of N4.2 kobo, rising to N956.7/€1 from N952.5/€1, according to Naira Rates.