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The price of one dollar rose to an average rate of N439 on Wednesday, leading to N9.00k loss in the value of Naira when compared with N430 traded on Tuesday at the black market.
Investigation showed that the dollar was sold at N440 in Apapa and N438 in Festac area of Lagos where black-market operators are doing business.
Currency traders said importers were buying dollars from the black market to settle their obligations. “Some of my customers said they want to settle their debt in China,” one of the traders said.
Dollar traded at N435 in some areas of Lagos but aboki fx rate showed dollar trading at N430 on Wednesday morning.
At the retail Bureau, Naira weakened by N7.00k as the dollar was sold at N442 on Wednesday as against N435 the previous day.
The Central Bank of Nigeria (CBN) on Wednesday last week resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).
The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.
The Apex bank on March 26, suspended foreign exchange sales to the Bureau De Change (BDC) operators until further notice due to the Covid-19 lockdown as requested by the operators. The suspension notwithstanding, some BDCs are still active in the market.
However, Naira gained N0.90k as the foreign exchange market closed at N384.50k on Wednesday from N385.40k quoted on Tuesday at the Investors and Exporters (I&E) forex window, data from FMDQ indicated.
The market opened on Wednesday morning with an indicative rate of N385.08k, which represents a N0.25k loss to Naira when compared to N384.83k opened on Tuesday.
