Naira Soars to Near-N2000 Per Dollar in Black Market Trading; See the Current Value
Naira Soars to Near-N2000 Per Dollar in Black Market Trading; See the Current Value
Naira and Dollars
On Saturday, the Naira surged to nearly N2,000 per dollar on the black market, despite the Central Bank of Nigeria’s efforts to stabilize the currency by selling dollars to Bureau De Change (BDC) operators.
BDC operator Dayyabu Ashiru reported to DAILY POST that the exchange rate had risen to N1,670 per dollar, up from N1,665 the previous Friday. “We buy dollars at N1,665 per dollar and sell at N1,670,” Ashiru stated.
Last week, the Central Bank had sold $20,000 each to eligible BDC operators at a rate of N1,580 per dollar. In contrast, the official market rate appreciated slightly last Friday, ending the week at N1,593.32 per dollar.
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