December 28, 2022 7:08 PM
The naira, on Wednesday morning, appreciated to N740 per dollar at the parallel section of the foreign exchange market, popularly called the black market.Bureaux De Change operators who spoke to TheCable said they purchase the greenback at N725/$, make a gain of N15 and then sell at N740/$. The street traders attributed the appreciation of the currency to moderation in demand for dollars by importers and a slight improvement in supply during the festive season.“We have dollars and people are coming to buy. But the customers are not buying plenty dollars,” a BDC operator at Alade Market in Ikeja, Lagos, told TheCable.
Meanwhile, at the investors and exporters forex window, the local currency depreciated by 0.05 percent to N456.50/$ on Friday , according to data from the FMDQ OTC Securities Exchange — a platform that oversees official foreign exchange trading in Nigeria. A total of $155.86 million was traded at the exchange last Friday — a 39.95 percent increase compared to the $111.37 million recorded on Thursday.Godwin Emefiele, CBN governor, said the black market traders turned away from their objectives to become money laundering agents.But the banks have been struggling to meet demand as
An ongoing disaster.... anything above 200 naira to a dollar is a disaster.