Fakoyejo Olalekan
The gap between the dollar-naira rates in black and official windows dropped on Thursday, but stayed close to N300.
In the black market on Thursday, Bureau De Change operators informed Prime Business Africa that they offer an exchange rate between N760-N780/$1 for persons in need of the American greenback.
Join our WhatsApp ChannelTwo BDC operators in Berger and Iju-Ishaga areas of Lagos State, told PBA that the selling price is N760, while another in Ogba offered N780.
However, they are willing to buy the United States currency from the public, which is a major source of their foreign exchange supply, at almost the same rate – between N740 and N750.
The exchange rate to buy forex in the black market puts the price difference between the parallel market and the official channel at N298.83.
This is based on the N461.17/$1 exchange rate at which the official market closed Wednesday, 8 January 2023. The gap dropped after the Naira gained against the Dollar at the official market.
According to data obtained from the FMDQ Exchange, the Naira’s value closed up at N461.17 kobo, as the exchange rate depreciated from N461.50 kobo/$1.
Nigeria’s legal currency, which has been under immense pressure due to the Central Bank of Nigeria’s (CBN) Naira redesign policy appreciated by N0.33 kobo or 0.07 per cent.
Before it settled at N461.17 kobo, the exchange rate between the Naira and the Dollar had risen as high as N462/$1 and as low as N446/$1 during trading in the Investors and Exporters window.
The Naira appreciated after the Supreme Court restrained the central bank from implementing the 10 February 2023 deadline to phase out the old Naira notes.
Prime Business Africa reported that the Supreme Court said the old Naira should maintain the status quo pending its judgement on the suit brought forward by Northern states against the Federal Government on 15 February 2023.
