Dollar to naira black market exchange rate na 'N700 to one' on Friday for pipo wey wan buy
11 November 2022
Di naira close for official market for, N446.10 on Thursday, 10, November 2022.
Dis one mean say di naira gain about 0.10 percent against di dollar.
Naira also gain strength for di parallel - black market on Friday, 11, November 2022 as e appreciate to N710 per dollar.
Dis na correct tori as di dollar bin sell for N825 to a dollar on Wednesday for di black market.
Di Thursday gain for naira against di dollar in four days mean big for di currency, afta e don lose over 30 percent value inside 11 months for di black market.
Some reports say di reason for di appreciation of naira be sake of demand no too dey and supply of dollars don increase for di parallel market.
Between Wednesday and Thursday, di local moni bin gain strength against di foreign currency wey bin don nearly reach N900 for black market across di kontri.
'We sell N710 to a dollar on Friday'
One Bureaux De Change operator (BDC) Baba Sheu wey follow BBC Pidgin tok say black market dey buy for N700 to N701 and dey sell for N710 to N711 per dollar as at on Friday, 11 November.
But e say market slow dis days as pipo no too buy di currency
Baba Sheu add say many operators fit no make gain or make dem even loose money now sake of di way di dollar dey fall yakata against di naira.
“Make I tell you, pesin wey buy dollar wen e dey more dan 800 naira and now dey sell for 710, no be lose be dat”?.
“As e be now, e beta make pesin slow down for how e dey sell out im dollar so pesin no go run at lose”, Baba Sheu add.
Why di Naira dey go up and down in recent weeks?
Last week, naira bin weak to about N900 per dollar.
Many pipo dey attribute di gain to one goment plan say di Central Bank of Nigeria (CBN) wan redesign di naira.
Also some say na sake of how di Economic and Financial Crimes Commission (EFCC) dey chook eye for mata of FX dealers.
But di low exchange rates wey Nigeria bin witness bin don push up di costs of imported goods and raw materials.
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Di issue don become sometin wey bin dey worry buyers, importers and business owners.
Low exchange rate means say local currency weak and e be one of di major tin wey dey cause high inflation rate for di kontri sake of how big importation dey for Nigeria.
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