Currency speculators are losing as much as N20 with the dollar trading at N460 as at 3:00pm on Monday across Lagos and Abuja black market, up from N480 last week.
Investigation shows that naira is trading at N465 in some parts of Lagos streets where currency trader are operating. Currency traders are buying at N450 from individuals who want to sell dollars.
The naira appreciation followed the plan by the Central Bank of Nigeria (CBN) to resume dollar sales to the Bureau De Change (BDC) operators next week.
The CBN on Thursday, August 27, informed the general public that gradual sales of foreign exchange (FX) to licensed BDC operators would commence with effect from September 7, 2020.
At the BDC segment of the foreign exchange market, naira firmed to N466 per dollar on Monday afternoon from N470/$ in the morning.
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.
