Naira/Dollar exchange rate drops by N100 in black market

The Naira and dollar exchange rate dropped by N100 in the black market on Wednesday, indicating that the Nigerian currency was appreciating in value against the United States greenback.

Ripples Nigeria gathered from one of the Bureau De Change operators at Jakande Estate in Isolo, Lagos State, that the exchange rate in the black market has dropped to N800/$

The same BDC operator had offered to sell the dollar for N900 last week.

However, another BDC operator in the Iju-Ishaga area of the state sold the dollar for N900, which is 11 percent higher than the rate offered by his colleague in Isolo.

READ ALSO: Naira official rate remains unchanged, value drops in black market

However, the story was different in the official market where the naira depreciated in value by -0.13 percent on Tuesday, according to forex market data obtained from FMDQ Securities.

The exchange rate was N446.10/$1 on November 8, compared to the N445.5/$1 reported by the company after trading on Monday.

The data showed that forex transactions in the official market dropped from $206.25 million on Monday to $72.69 million on Tuesday.

The FMDQ Securities pegged the forex transactions at $94.04 million on Friday.

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