Devaluation sends dollar to N186 in black market

The exchange rate for the dollar in Abuja “black market” on Wednesday stood between N182 and N186,the news Agency of Nigeria revealed on Wednesday.

This is against the new official exchange rate N168 announced by Godwin Emefiele, governor of Central Bank of Nigeria (CBN), on Tuesday.

A correspondent of NAN who checked near the Sheraton hotel, Zone 4, Abuja, the rendezvous for most black market operators, found that the closest naira exchange to the official exchange rate was N182.

Some of the operators said the difference between their rate and the official rate was to accommodate the “extra charges” they pay to the “dealers” from whom get the hard currency.

Usman Gongola, a black market operator, said he sold one dollar at N186 and bought one dollar for N183.

Bello Abdullahi, another operator, said he sold one dollar at N184 and bought for N182, while Mohammed Bich disclosed that he sold at N182 and bought at N181 per dollar .

On Tuesday, the CBN announced a new exchange rate of N168 to one US dollar as against the old rate of N155 to one dollar.

Emefiele told journalists at the end of the Monetary Policy Committee meeting in Abuja that the measure was to strengthen the economy, following continued decline of oil price in the international market.

Part of the measures, as announced by Emefiele, was an increase in lending rate from 12% to 13%.