The foreign exchange market opened on Monday morning with an indicative rate of N385.79k to the dollar at the Investors and Exporters (I&E) forex window.
This show a marginal appreciation of 0.05 percent or N0.21k compared to the opening rate of N386/$ on Friday last week, data from FMDQ indicated.
Nigeria’s currency is losing N2 as one dollar is trading at an average rate of N417.50k on Monday as against N415.50K traded on Friday at the black market.
While some of the black market operators are not trading due to the Covid-19 lockdown, one of the dealers at Eko Hotel said the cost of one dollar is N418.
“One of my customers called me to come and buy dollars at N418. If I see someone who will buy at N420, I will tell him to transfer the money,” the dealer said.
BusinessDay findings show that dollar is trading at N417 in other states of the country. The Central Bank of Nigeria (CBN) on March 26, 2020 suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice.
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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.
