On Monday, the rate of the Nigerian naira against the dollar in the black market fell to N702. In comparison to the N692 it traded last week, the result reflects a N10 or 1.4% devaluation.
Operators of Bureaux De Change (BDC) in Lagos and Abuja said that there is a significant need for foreign money in the black market.
The street vendors, or “abokis,” set the price of a dollar at N690 and sold it for N700–N702, making a profit of N10–N12 in the process.
On the internet site Aboki Forex, the local currency is still showing an exchange rate of N697 to the dollar.
The naira dropped to N707 to the dollar last month. After security personnel raided a BDC hub in Abuja, it later strengthened to N670.
More news to come…..