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Naira Watch

Black market traders exchange one dollar for N600, on one condition



FOREX: CBN injects N273m into retail secondary market

A new trend is emerging on the black market, with traders looking for dollars expressing readiness to buy dollars for N600 if the prospective consumer has up to $6000 or more.

Ripples Nigeria spoke to some of the traders at Okota area of Lagos under the pretext of exchanging up to $10,000, the excited traders offered to buy at N600 per dollar.

The traders’ desperation demonstrates how tight the market has become in the past few weeks amid the dwindling foreign reserves of the Central Bank of Nigeria.

Meanwhile, at the Investors and Exporters (I&E) segment, the official market for foreign exchange, the Nigerian currency closed at N416.50/$1 the same rate it opened the week.

However, against the British Pound Sterling, the Naira put up a poor performance as it depreciated by N1.04 to sell for N543.72/£1 in contrast to N542.68/£1 it was sold on Monday.

Read also: Naira falls to N578 at black market

It also depreciated against the Euro by N2.05 to settle at N457.85/€1 compared with the preceding session’s value of N455.80/€1.

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