The spread between official and black market exchange rate has exceeded N300 per dollar and still rising. President of the Association of Bureau de Change Operators of Nigeria , Dr. Aminu Gwadabe, attributed the huge differential to the Central Bank of Nigeria’s unorthodox policies.
Many stakeholders have called for adjustment of the official rate to near the real rate of exchange to close the market spread, which had triggered several market manipulations, including round tripping. He recalled that when the apex bank decided to suspend sale of forex to Bureau De Change in July 2021, the open market rate was about N501/$. This means that naira has depreciated on the black market by about 48 per cent in less than 18 months.
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