In Abuja black market, the exchange rate for the dollar today, November 26, is between N182 and N186, Premium Times reports.
According to the new formal exchange rate announced on Tuesday by the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele is N168 to $1.
The assignation for most black market operators Near the Sheraton Hotel, Zone 4, Abuja, the closest naira exhange to the official rate was N182.
The difference between the black market rate and the official was to take in the “extra charges” the local operators pay to “dealers” they get the hard currency from.
Usman Gongola, black market operator, said he sold one dollar at N186 and bought one dollar for N183.
Another operator, Bello Abdullahi, said he sold at N184 and bought one dollar for N182.
Also speaking, Mohammed Bichi, said he sold one dollar at N182 and bought one dollar for N181.
The Central Bank of Nigeria (CBN) yesterday, November 25, announced the devaluation of the naira, with the new exchange officially at N168 to a dollar, and no longer N155.
The CBN officials explained that the move to lower the value of the naira against the dollar was aimed at strengthening the currency in the course of the dwindling oil price.
Part of the measures, as announced by Mr. Emefiele, was an increase in lending rate from 12 per cent to 13 per cent.
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