The Naira is edging closer to N2,000 per dollar in the black market, despite recent intervention by the Central Bank of Nigeria (CBN).
On Saturday, the exchange rate climbed to N1,670 per dollar, as confirmed by a Bureau De Change (BDC) operator, Dayyabu Ashiru.
Ashiru noted that the Naira was exchanged at N1,665 per dollar on Friday, but increased to N1,670 on Saturday, with BDC operators buying at N1,665.
“We buy at N1665 per dollar and sell at N1670”, he stated.
This development follows the CBN’s sale of $20,000 to each eligible BDC operator last week at an official rate of N1,580 per dollar. Despite this intervention, the Naira continues to struggle in the black market.
On the official market, the Naira appreciated last Friday, closing the week at N1,593.32 per dollar.
Follow the Parallel Facts channel on WhatsApp: https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E
