Black market traders on the street took advantage of the fall of the naira in the Central Bank of Nigeria market.
Bureau de Change traders who spoke to TimesNow.com.ng said that dollar demand has increased in the last few days.
On the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official market, FMDQ reports that the naira depreciated to N1478.11 per dollar.
In reaction, black market traders also crashed the naira, selling one dollar as high as N1,520 to Nigerians on the streets of Lagos. This is N41.89 more than the official market rate.
A BDC trader who spoke to TimesNow.com.ng said that the new rate reflected the increasing scarcity of dollars in the official channels.
He noted that many businesses, students, and individuals looking to travel have turned to the black market for their foreign currency needs.
His words:
However, a check by TimesNow.com.ng showed an improvement in forex supply on the official window on Monday despite the naira depreciation.
During the trading session, the official market recorded a turnover of $217.64 million, up from the $113.78 million reported last Friday, representing a $103.86 million or 91.3% rise.
Meanwhile, in an earlier chat with Aminu Gwadabe, the Association of Bureau de Change Operators of Nigeria (ABCON) said it plans to launch a unified digital trading platform.
He said the platform will help address concerns over undocumented and unregistered platforms like Binance and Bybit.
Earlier, TimesNow.com.ng reported that the Central Bank of Nigeria also adjusted the Nigeria Customs Service foreign exchange rate to clear imported goods at Nigerian ports.
Peter Obi reacted to the latest changes and expressed concerns that they could kill many businesses.
He further advised the government on actions to help the naira recover against the US dollar.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
