Bureau De Change Operators Reduce Dollar Rate In Black Market

November 1, 2022, Dollar Exchange Rate: On Tuesday, the average exchange rate of US dollar to naira was N800 in the black market, showing sign of demand pressure easing in the parallel market amid plan to release redesigned naira notes.

The naira appreciated against the United States currency during trading today, considering the exchange rate between both currencies was N865/$1 the previous day. 

In the official exchange market, the dollar traded down to N443/$1 on Monday, in contrast to the N443.20/$1 the United States currency was sold last week Friday. 

The exchange rate between the dollar and the naira has been hovering above N800, with Prime Business Africa reporting that the USD is moving towards N1000 before the end of the year. 

President of Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, had hinted that the naira will depreciate further due to the foreign policies of the Central Bank of Nigeria (CBN). 

“I am not a prophet of doom and student of continuing naira depreciation but except fundamental goodwill and courage are demonstrated, the naira will continue to suffer loss in exchange for the greenbacks.” 

He had also stated that the policy has been having adverse impact on “the naira stability across all markets and created a huge premium between official and parallel market rates.”