Dollar To Naira Exchange Rate: BDC Operators Set New Dollar Rate On CBN’s Naira Redesign

October 27 Dollar Exchange Rate: On Thursday, buyers of dollars in the black market paid about N765/$1 to Bureau De Change operators, as the BDC centers increased their asking price by 0.6 per cent.

Prime Business Africa learnt that the value of the United States’ currency increased from the N760 per dollar it exchanged during the previous parallel market session. 

This indicates Nigerian traders, individuals, others paid N5 more in the black market to have their hands on the American greenback to finance either trades or other transactions. 

While the exchange rate between the naira and the US dollar has remained at a premium rate, the Bureau De Change operators’ asking price is N323.33 higher compared to the official market rate. 

READ ALSO: EFCC Boss Warns Banks, BDC Operators Of Illicit Money Exchanged For Redesigned Naira

In the Investors and Exporters window, which is the official market channel, the foreign exchange rate between the naira and dollar is N441.65 as at Wednesday, as the Nigerian currency was stable from the rate of Tuesday. 

The depreciation of the naira comes at a time the Central Bank of Nigeria (CBN) knocked naira hoarders, redesigning the N200, N500 and N1000 to compel Nigerians to start depositing their local currency in the bank, as over N2.7 trillion out of N3.3 trillion currency in circulation is not held in banks. 

Analysts have stated that the decision to redesign the naira could significantly increase demands for dollar, as persons with illicit local cash will try to use the black market to hide their illegal funds by exchanging to buy dollar. 

A day after the Governor of the central bank, Godwin Emefiele, announced that the new redesigned naira notes will be released in December, the naira depreciated in value by -0.6 per cent in the black market.