Black Market Dollar To Naira Exchange Rate: Bureau De Change Operators Reduce Dollar Rate Again, After EFCC Raid

August 4, 2022 Dollar Rate Update: The naira appreciated by 0.25% on Thursday, as the Nigerian currency continues to gain ground against the dollar, despite a decrease in the value of foreign exchange trades in the official forex market.

Traders on the official foreign exchange market, Investors and Exporters window, had dropped their asking price to N428.12, in exchange for one dollar, in contrast to the N429.2 that the international currency trade for on Wednesday.

Naira gained after supply of forex fell to $110.22 million on Thursday, as investors and exporters traded less than the $123.78 million recorded during the previous session on the I&E window.

Similarly, in the black market, Bureau De Change operators stepped down their asking price to sell the dollar to N640, having placed the American greenback at N665. The decline occurred despite the lack of intervention from the Central Bank of Nigeria (CBN).

Naira has been on a rise in the black market since the Economic and Financial Crimes Commission (EFCC) raided several Bureau De Change centers in Lagos, Kano and Abuja, Lagos and Kano.

Meanwhile, the naira didn’t do so well in the peer-to-peer market. It fell by 5.6% on Friday, to N651/$1, as the dollar becomes more expensive to buy in the segment of the parallel market.

However, a day before, traders had sold the United States currency at the cost of N616.66/$1. This indicates availability of dollar is still limited, and demand remains higher than the supply of the forex.