Bureau De Change operators increase Dollar, Pound rates, blame redesigned naira plan

The exchange rate between the dollar and naira in the black market on Monday maintained over N300 gap against the last closed rate of the official forex market.

Ripples Nigeria gathered that the exchange of dollar to naira fell between N820 to N900 as at the time of filing this report, indicating demand was still hot for the American currency.

Speaking to three Bureau De Change operators in Lagos, this publication learnt from two of them that dollar rate went up Monday afternoon, while one stated that his price was down.

One of the Bureau De Change operators who said dollar rate appreciated, disclosed it went from N890/N895 for $1 on Sunday, to N900; and the other stated it rose to N880 on Monday.

However, the rate was down to N820/$1 from N840/$1, according to another BDC operator. He, however, stated that one pound now exchanged at N900/£1.

Read also:Dollar rate margin widens in black, official markets by over N300, as naira falls across channels

Ripples Nigeria learnt from a second confirmation that Pound is also selling for N950/£1, in contrast to the N940/£1 the UK currency exchanged for on Sunday.

The rates in the black market further indicates there is no cohesion in the parallel market, as demands continue to birth various rates.

One thing that is consistent is the black marker rate maintaining a significant gap against the official forex rate, which closed at N445.50/$1 on Friday, after transactions worth $94.07 million was carried out.

According to a Bureau De Change operator, the hike in dollar rate is caused by the plan of the Central Bank of Nigeria (CBN) to redesign the naira.

It was learnt that people are bringing out their naira to buy dollars for keeps, so they can use it to buy the new redesigned naira notes when it’s released in December.

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