Speculators Lose As Naira Sells At N460 On Black Market

Currency speculators are losing as much as N20 with the dollar trading at N460 as at 3:00pm on Monday across Lagos and Abuja black market, up from N480 last week.

Investigation shows that naira is trading at N465 in some parts of Lagos streets where currency trader are operating. Currency traders are buying at N450 from individuals who want to sell dollars.

The naira appreciation followed the plan by the Central Bank of Nigeria (CBN) to resume dollar sales to the Bureau De Change (BDC) operators next week.

The CBN on Thursday, August 27, informed the general public that gradual sales of foreign exchange (FX) to licensed BDC operators would commence with effect from September 7, 2020.

At the BDC segment of the foreign exchange market, naira firmed to N466 per dollar on Monday afternoon from N470/$ in the morning.

– Businessday.