Dollar rate falls below N1000 at black market, stable in official channel
November 3,2022
Demands for dollar in the black market continues to overshoot supply and overwhelm the Bureau De Change operators.
This has sustained a floating exchange rate in the parallel market where there’s no agreement on a rate among the Bureau De Change operators.
On Thursday, Ripples Nigeria gathered that the exchange rate of the dollar and naira fell between N840 to N900, according to three Bureau De Change operators that spoke to this publication.
The three BDCs put a dollar up for sale at N840, N855 and N900 in the early hours of Thursday, indicating a backtrack from the N1000 one of them was willing to sell on Wednesday.
Regardless of the difference in price between Wednesday and Thursday, the dollar rate at the black market remains at a premium, when compared to the official market.
And the scarcity, fuelled by Central Bank of Nigeria’s (CBN) refusal to sell to the Bureau De Change since July last year, is behind the significant difference between the parallel and official market
On Wednesday, report obtained from FMDQ, which collates official market rate for dollar, stated that the forex opened with N443.75, but it later closed at N446/$1, same price it settled at on Wednesday.
