Naira falls to N450 against dollar on black market

The exchange rate at the parallel market popularly called the black market closed on Wednesday with Naira losing N5.00k as the dollar traded at N450 compared to N445 traded on Tuesday.
The rate was stable on Wednesday morning as the dollar traded at N445 the same as on the previous day as scarcity of the greenback persists. “Dollar is becoming scarce,” traders said.

At the retail Bureau segment Naira weakened by N4.00k as the dollar was sold at N450 after trading on Wednesday as against N446 sold on the previous day.
The CBN April 29, 2020 resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).
The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

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The Apex bank on March 26, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice due to the Covid-19 lockdown as requested by the operators. The suspension not withstanding, some BDCs are still active in the market.
Nigeria’s foreign exchange market closed on Wednesday with the cost of the dollar unchanged at N386.94k at the Investors and Exporters (I&E) forex window.

The market commenced activities on Wednesday morning with an indicative rate of N387.10k, signaling Naira appreciation by N0.53k to N387.10 per dollar compared to N387.63k opened with on Tuesday at the I&E window, data from the FMDQ revealed.
The Central Bank of Nigeria (CBN), on Sunday assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.
Godwin Emefiele, governor of the CBN, said investors interested in repatriating their funds from the country were guaranteed to get their money.

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.