The naira has recovered significantly against the dollar at the black market on Tuesday.
According to traders, the exchange rate stood at N665/$1, while the traders buy for an average of N665/$1 indicating a margin of N40 for every dollar.
Recall that the sustained scarcity of FX across the country saw the exchange rate fall drastically in the past week, hitting a record high of N718/$1 on Friday, 29th July 2022.
Also, the exchange rate between the naira and the US dollar at the peer-to-peer exchange rate markets appreciated to N669/$1 on Tuesday morning from N692.25/$1 recorded on Monday, 1st August 2022.
Naira sustained its momentum at the parallel market, appreciating to N665 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja.
The development represents N40 gain compared to the N695 to a dollar on Monday.
Currency traders known as Bureaux De Change operators (BDCs) at the Ikeja area of Lagos said the buying rate of the greenback at N650 and the selling price at N665 per dollar.
According to the traders, the gains are largely influenced by increased dollar liquidity in the market.
Leave a Reply