Bureau De Change (BDC) operators in Nigeria have quoted new exchange rates for the U.S. dollar, British pound, and euro as the country marks Democracy Day.
Traders who spoke to TimesNow.com.ng revealed that the dollar currently sells for N1,502 in the black market, also known as the parallel market, as of Wednesday, June 12, 2024.
The new rate indicated a slight depreciation compared to the N1,480/$1 quoted on Tuesday, June 11.
Meanwhile, for the British pound, the street traders sold at N1,880 on Wednesday, and the euro exchanged at N1600.
On some fintech platforms, such as Chipper Cash, a dollar was sold above N1,650 at the time of this report.
A BDC trader, Musa Lawal, along Airport Road, Lagos, told TimesNow.com.ng that the new exchange rate reflected the current market level.
He said:
TimesNow.com.ng earlier reported that the value of the Nigerian currency, the naira, closed strong against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ Securities, the naira closed at N1,473.66 on Tuesday, in contrast to the preceding day’s N1,483.62/$1.
The official market is closed on Wednesday due to the public holiday.
Earlier, TimesNow.com.ng reported that the foreign reserves had increased significantly in the first ten days of June.
The rise in FX reserves will give CBN more firepower to intervene in the forex market and ensure the stability of the naira exchange rate.
Dollar supply has always been a major reason for naira depreciation due to demand pressure from companies and travellers.
Proofreading by Nkem Ikeke, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
