Dollar trades at N416 at black market amid scarcity

Nigeria’s currency on Wednesday exchanged for an average rate of N416 per dollar, depreciating by N4.00k compared to N412/$ traded on April 1, 2020, at the black market.

Investigation shows that the dollar is currently trading at N417 at Eko hotel Lagos while it trades at N415 in Apapa and other States like kano or Kaduna.

BusinessDay gathered that dollar is scarce and some of the black market operators are not trading due to the Covid-19 lockdown.

One of the dealers who has some dollars to sell said he sources dollar from individuals who contact him.

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By Segun Adams • April 15, 2020

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.