Naira appreciates, As Bureau De Change Sells One Dollar At N800

The Nigerian currency, naira, appreciated against the United States dollar on Wednesday according to a Bureau De Change operator in the black market.

Prime Business Africa was told by the Bureau De Change operator in Isolo, area of Lagos State, that the dollar rate fell by 11 per cent during business hours to N800. 

The day before, the naira and dollar exchange rate was put at N900 by the BDC operator, showing signs of recovery for the local currency which is due for change in December. 

With almost a month to the release of the redesigned naira notes on December 15, the rate of the dollar fell from N900, which the Bureau De Change operator had offered on Tuesday. 

Although the rate varies across Bureau De Change centers in Lagos and other states, as one operator in Iju-Ishaga said his asking price to sell one dollar is N900. 

Meanwhile, in the official market, the naira devalued by -0.13 per cent, moving in contrast to the parallel market, after volume of transactions fell on November 8. 

Prime Business Africa learnt that the naira exchanged for the dollar at N446.10/$1 on Tuesday, as sellers in the Investors and Exporters window increased their asking price from the N445.5/$1 rate of Monday. 

The depreciation of the naira in the official forex market was on the back of the transactions falling below Monday’s $206.25 million to $72.69 million. The value of transaction also fell short of the $94.04 million recorded last week Friday.