Naira traded at N825 at black market, N795 at I&E window

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Lagos, July 18, 2023 – The Nigerian currency, the naira, was traded at the average rate of N825 to the dollar at the parallel markets (black market) on Tuesday.

It maintained the same rate as it was on Monday, against the N821 to the dollar on Friday.

Operators blamed the steady decline of the naira against the dollar on the increased demand for dollars by Nigerians travelling abroad on holidays.

Naira, however, appreciated against the dollar at the Importers and Exporters (I&E) window by 1.07 percent as the dollar on Monday, quoted at N795.28 to the dollar.

It was quoted at N803.90 on Friday.

The daily transactions at the window declined on Monday by 26.33 percent to $34.55 million on Monday from $46.90 million recorded on Friday, according to the data obtained from the FMDQ.

On Friday, naira depreciated by 7.72 percent as the naira was traded at N803.90 to the dollar.

This was against the previous close of N746.28 on Thursday, according to data from the FMDQ. (GBN)

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