The dollar-to-naira exchange rate reached N1,615 on Nigeria’s foreign exchange black market.
Ashiru Dayyabu, who operates a Bureau De Change in Wuse Zone 4, mentioned that on Wednesday, the Dollar was being exchanged at a rate of N1,600 to N1,615.
“We buy the dollar at N1590 and sell between N1600 and N1615,” he said.
The official FX market saw the Naira’s value drop. According to FMDQ data, the Naira fell to N1,581.65 against the Dollar on Wednesday from N1,576.66 on Tuesday. FX transaction turnover also decreased to $108.16 million on Wednesday from $138.17 million the day before.