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Dollar Sells For N400 At Black Market After CBN Adjusted FX

The foreign exchange pressure resumed on Monday, as the dollar sells at N400 at the black market after the Central Bank of Nigeria (CBN) adjusted the currency to N380/$ at Investors and exporters window, over the weekend.

Buying price for the dollar is N390 across Lagos black markets, while selling price differs. For instance, at Festac dollar sells at N400 while in the Apapa area of Lagos it sells at N397.

The CBN had last week issued a circular on weekly exchange rate disbursement of proceeds of International Money Transfer Services Operation (IMTSO) among dealers.

Consequently, the exchange rate from IMTSOs to banks is put at N376 per dollar, from banks to CBN at N377/$, CBN to BDCs at N378/$ and BDCs to end-users not more than N380 per dollar.

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Written by PH

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