Dollar Rate Rises Close To N1000, As BDC Operators Set Various Rates

November 2, 2022, Dollar Rate: The exchange rate between the dollar and the naira has surged to various levels as Bureau De Change operators sell the American currency at different rates on Wednesday.

Prime Business Africa gathered from various Bureau De Change operators that availability of the United States dollar has fallen drastically, as two BDC operators told this publication that they have no USD to sell. 

As a result, a BDC operator in Iju-Ishaga, area of Lagos State, said he’s willing to sell a dollar for at least N1,000, and this is dependent on the volume a buyer is willing to purchase. 

He increased the cost by N100, as the two currencies exchanged for N900/$1. However, BDCs buy from the public at N600/$1. 

Another BDC operator said his selling rate is N865/$1.

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Recall Prime Business Africa had reported that the significant demand for dollars in the black market and other external [pressures could push the dollar rate to N1,000 before the end of the year. 

Leader of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, had also  hinted on significant depreciation of the naira following the policies of the Central Bank of Nigeria (CBN). 

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“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.” Gwadabe had stated. 

Meanwhile, the naira had depreciated by -0.6 per cent on Tuesday in the official forex market, after traders exchanged a dollar at N446, increasing their asking price from N443 reported on Monday.