Black Market’s Dollar Rate Now N288 More Than CBN-backed Official Rate
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BDC Operators Fix Dollar Rate Below N800, Set N900 For Pound

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The exchange rate between the naira and the dollar settled below N800 on Monday in the Bureau De Change window of the black market.

According to some Bureau De Change operators that spoke with Prime Business Africa, it was gathered that the dollar was sold to the public at the exchange rate of N735/$1 to N740/$1. 

It was learnt that the United States currency was bought from the public at the exchange rate of N730, indicating the Bureau De Change operators sold the American greenback at a higher rate than they buy the currency from individuals or traders.

Also, the operators told this publication that purchasing the British pound in the black market will cost the public N900/£1. 

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However, for the public willing to sell the United Kingdom currency to the BDC, instead of exchanging it at the official market, BDC operators will pay N850/£1 to N870/£1. 

Meanwhile, in the official market, the rate to exchange the naira into the dollar closed at N461.67/$1 last week Friday, January 6, 2023. 

The naira had depreciated from the N461.50/$1 it closed Thursday with. This is a decline of -0.03 per cent in the value of naira and reflects the worth of a dollar against the Nigerian currency went up by N0.17 kobo. 

Note that before the official market closed on Friday, the exchange rate between the dollar and the naira had traded as high as N462 to one dollar, and as low as N440 to a greenback. 

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At the end of the trading session, the naira was also exchanged at N541.56 pound in the official channel, while the Nigerian legal tender went for N478.08 in exchange for the euro. 

Also, during trading in the Investors and Exporters window, according to data obtained from FMDQ Exchange, it was learnt that $79.05 million worth of forex were transacted by traders.

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