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Naira notes

15.05.2024 Featured One Dollar Now N1400 on Black Market

Published 15th May, 2024

By Opeyemi Lawal

The naira has now dropped to between N1,400 and N1,500 against one dollar, over two months after a dollar was worth N900.

Hussaini, a bureau de change operator in Ikorodu, Lagos, told FIJ on Wednesday afternoon that the currency dip was caused by various factors responsible for the market fluctuation.

“A dollar is currently sold at N1,400,” he told FIJ.

When asked why, he said, “You don’t know the dollar? Does this also mean you have not been to the market recently? The dollar has been fluctuating, and things are no longer as they used to be.”

READ ALSO: FACT-CHECK: Did Cardoso Say CBN Isn’t Defending Naira?

He said that the dollar only started to sell for N1,400 on Wednesday and the naira is projected to dip further before the end of the week.

“The naira became N1,400 against a dollar yesterday. Earlier in the week, we were selling between N1,200 and N1,300,” he said.

“However, you won’t get it for the same amount tomorrow. The price will have gone up to N1,450.”

Meanwhile, FIJ noted that on the official exchange window of the Central Bank of Nigeria (CBN), the dollar is sold higher than the rate provided by Hussaini. The CBN pegged the dollar for sale at N1502, while it can be bought at N1501.

The dollar trades for
The dollar trades for

This rate is similar to the rates provided by Naira Rates, an automated account providing currency exchange information on X. The rates provided by the account show the dollar to be selling for N1535.

READ ALSO: Naira Gains Value, Exchanges for N900 Per Dollar in Lagos

A further scroll through the account shows that the dollar has consistently traded higher than N1,400 since May 4.

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Published 15th May, 2024

By Opeyemi Lawal

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