Fakoyejo Olalekan
October 20 Dollar Exchange Rate: The exchange rate between the dollar and naira rose by 1.21% on Thursday, as Bureau De Change operators increased their asking price by N9.
During trading hours, Bureau De Change operators raised the exchange rate to N751 per dollar, in contrast to the N742/$1 both currencies traded during the previous day.
Join our WhatsApp ChannelThe story was the same in the Investors and Exporters window, which is the official foreign exchange market of Nigeria, as naira dip in value by 0.06 per cent on Wednesday, to trade at N441.50 per dollar.
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The depreciation comes after the Bank of America projected that naira will depreciate by about -18.1 per cent, which means the cost of buying the United States currency in the official exchange market is projected to rise by about N80 to N520.
“We see scope for it to weaken by an equivalent amount over the next six-nine months, taking it to as high as N520 per USD.” Bank of America Economist, Tatonga Rusike, said.
Meanwhile, the rise in dollar value is in line with the prediction of the Bureau De Change President, Aminu Gwadabe, stating that, “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.”
