• Wednesday, May 22, 2024
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Naira gains 0.26% over dollar at I&E FX window

Youth group threatens to shut down NDDC operations totally from Monday

The foreign exchange market closed on Wednesday with Naira gaining N1.00 against the dollar which traded at N385.63k at the Investors and Exporters (I&E) forex window.

This represents a 0.26 per cent gain compared with N386.63k it traded on the previous day according to the data from FMDQ.

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 dollar traded at N417 at Eko hotel Lagos while it trades at N415 in Apapa and other States like kano or Kaduna.

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BusinessDay gathered that dollar was 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.

“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.

Foreign exchange at the CBN’s official window remained the same at N361 per dollar since last week Thursday.