Nigeria’s FX Crisis Will Continue Until We Scale Up Production For Export’

Dollar To Naira Exchange Rate: One Dollar Nearing N800, After BDC Boss’ Shocking Revelation

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October 27 Dollar Exchange Rate: The dollar-naira black market exchange rate increased by N10 earlier on Friday, indicating that Bureau De Change operators charged USD buyers more.

During the previous trading day on Thursday, Bureau De Change operators had demanded about N765 in exchange for one dollar. Price of  the American currency rose to 1.29 per cent, according to findings.

This implies that Bureau De Change operators requested for as much as N775 for one dollar before trading closed on Friday, as Nigerians continue to pay a premium to get their hands on the US dollar – the current value of dollar is N25 behind N800. 

It also indicates that depreciation of naira continues, considering that it traded for N760 on Wednesday.

Prime Business Africa notes that the Nigerian currency value is responding negatively to this week’s report of impending release of redesigned naira notes on December 15. 

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The depreciation of the naira spilled into the official foreign exchange market, Investors and Exporters Window, as the exchange rate between the USD and the Nigerian currency increased by 0.64 per cent to settle at N444.5/$1 on Thursday, from Wednesday’s N441.67/$1. 

Data from the official exchange market showed that about $100.9 million was traded in the Investors and Exporters window, from $81.04 million reported during the previous day. This represents a difference of 24.51 per cent. 

The president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has projected a hike in dollar rate, stating, “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.” 

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Gwadabe added, “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 greenback.”

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