Forex: Naira Ends Week On Positives Note With N1,431/$ At Official Market
US dollars and Naira

Dollar To Naira Exchange Rate: Dollar Rate Drops To N753 In Black Market

2 years ago
1 min read

October 24 Dollar Exchange Rate: Bureau De Change operators dropped the cost to purchase dollar by 0.26 per cent on Monday, indicating naira’s valuation rose against the American dollar in the black market.

The United States currency had sold for N755 last week Friday at the parallel market, but the Bureau De Change operators reduced their asking price to N753/$1 at today’s trading.

However, at the cryptocurrency peer-to-peer FX market, the story is different, with the dollar appreciating against the Nigerian currency by selling at about N752.79/$1 earlier on Monday. 

Dollar rate in the cryptocurrency peer-to-peer FX market rose by 0.11 per cent from the N751.99/$1 the American greenback was traded on Friday morning. 

This means the exchange rate between the naira and the dollar moved on opposite directions, reflecting pressure on naira still lingers in the non-official forex markets amid scarcity of USD. 

Prime Business Africa had reported that the Bureau De Change operator’s President, Aminu Gwadabe, said “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. 

“The question on the lips of everyone is, are the banks not having the allocation for invisible transactions?” 

According to him, “The foreign exchange policy of the Central Bank of Nigeria (CBN) has adversely impacted the naira stability across all markets and created a huge premium between official and parallel market rates.” 

Meanwhile, in the official market of the Investors and Exporters window last week Friday, the dollar had traded at N441.67/$1, this is in contrast to the N441.13/$1 reported on Thursday.


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