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Naira falls to N410 per dollar at black market

Nigeria’s currency on Friday weakened to N410 per one dollar at the black market after the Central Bank of Nigeria (CBN) suspended sales to Bureau De Change (BDCs).

With the current rate, naira has depreciated by N20 from N390 per dollar traded on Wednesday. “There is no dollar walahi,” one of the black market operators at Eko hotel told BusinessDay.

The CBN has suspended foreign exchange sales to the BDC operators until further notice. The CBN’s action was in response to a letter dated March 24, 2020 by the BDCs recommending the CBN to declare market holiday on its weekly bidding pending the re-opening of the nation’s boarders and the control of Covid-19.

At the Investors and Exporters (I&E) forex window on Thursday, the local currency deprecated by 1.39 percent to close at N385.53kobo per dollar, data from FMDQ show. The naira weakened to 361 to the dollar on the official market, supported by the central bank.


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