Home Banking & Finance Naira exchanges at N1,185 to dollars on black market

Naira exchanges at N1,185 to dollars on black market


On Wednesday, the naira exchanged at 1,185/$ at the parallel market, as the liquidity challenge persisted.

According to The Punch, some Bureau de Change Operators said there was a slight improvement from 1,190/$ traded on Tuesday.

On AbokiFX, the naira was bought and sold at 1,170/$ and 1,175/$; 1,510/ £ and 1,550/ £; and €1,280 and €1,300 respectively on Wednesday.

A BDC operator, Jubril Mutiu, said, “We sold the naira at 1,185/$ today, it was 1,190/$ yesterday; we are buying at 1,175/$ today.”

Another BDC operator, Ismail Ahmed, said, “There is still a scarcity challenge. We are buying and selling at 1,180/$ and 1,200/$. It was cheaper last weekend, but it has gone up because of scarcity.”

Last week, the naira hit a high of 1,310/$ on Tuesday before closing at 1,150/$ at the parallel market on Friday.

However, on the Investor & Exporter forex window, the naira commenced trading at 798.75/$ and rose to a high of 1,101/$ before closing at 786.02/$ on Wednesday.

It had earlier closed at 905.75/$ on the official trading platform on Tuesday according to figures obtained from the FMDQ.

The I&E window however recorded a total turnover of 105.98m at the end of Wednesday trading.



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