Fakoyejo OlalekanOctober 13, 2022 Dollar Rates Update: On Thursday, the Bureau De Change operators increased the price to buy one dollar, as demand pressure returns to the black market, amid scarcity of forex in Nigeria.
The foreign exchange rate reflected naira depreciated by -0.27%, as Bureau De Change operators increased the value of $1 to N732, in contrast to the N730 the currency sold for the previous day.
In the peer-to-peer FX market of the cryptocurrency segment, the United States currency also appreciated against the naira on Thursday, as it was sold for N739.7/$1, above the N738.39/$1 it was valued on Wednesday.
The hike in dollar value came after Wise, a United Kingdom money transfer company, announced that it will no longer accept dollar transfer to Nigeria.
Prime Business Africa had reported that Wise, previously known as TransferWise, said US dollar transfer to Nigeria is not as fast and reliable as the payment company wants.
As a result, it said from November 1, the company will suspend Nigeria from its service routes, “From 1 November, we’re stopping all USD transfers to Nigeria.
“We are doing this because sending money to Nigeria hasn’t been as fast or reliable as we did like. We want to fix this before your next USD transfer to Nigeria.
“The route will be closed until we’re sure we can provide the service you deserve. We’ll let you know as soon as USD transfers to Nigeria are available again.” Wise said in an email.
Meanwhile, in the official foreign exchange market, dollar rate was put at N440.67/$1 on Wednesday. This means the naira appreciated against the dollar by 0.11%, considering it was sold for N441.17/$1 on Tuesday.
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