A Bureau De Change operator (BDCs) in Lagos, has said that the naira sells at N750 to the dollar in the black market.
It was gathered that the naira again fell against the dollar at the black market on Tuesday. against the dollar.
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A black market is an unofficial market for currencies that operates alongside the official market.
The figure represents a depreciation of N5 or 0.7 percent from the N745 it traded last week.
The black market traders make a profit of N15, buying the dollar at N735 and selling at N750.
Since the on abokiFX, Nigerians have resorted to street traders for current parallel market rates of the local currency.
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Although the parallel segment is more accessible to traders and businesses who need FX, the Central Bank of Nigeria (CBN) has consistently maintained that it represents less than one percent of forex transactions and should never be used to determine the exchange rate.
On the official market side, the local currency closed flat against the dollar at N451.50 on Monday, according to information obtained from the FMDQ OTC Securities Exchange – a platform that oversees official foreign exchange trading in Nigeria.
