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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“I am not trading but I learnt dollar is selling at N415,” one of the black market operators in Festac told BusinessDay.
The Central Bank of Nigeria (CBN) on March 26, 2020, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice.
At the Investors and Exporters (I&E) forex window, Naira closed at N386.63k per dollar on Tuesday after the Easter holiday, losing N1.80k compared with N384.83 per dollar traded on Thursday last week, data from FMDQ indicated.
Foreign exchange at the CBN’s official window remained the same at N361 per dollar since last week Thursday.
Hope Moses-Ashike
