Black Market Traders Quote New Dollar Exchange Rate, CBN Fights Back [Video]

• Bureau de Change (BDC) traders have adjusted their exchange rates for Nigerians looking to buy dollars
• The latest exchange rate reflects the current state of the market, especially in the unofficial forex markets
• The CBN has quickly reacted and has conducted another forex sale round to licensed BDC operators to address customer demand

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Black market traders are quoting Nigerians dollars above N1,600 in search of quick access to dollars for travel or other needs.

Traders who spoke to Legit.ng gave the new buying exchange rate for a dollar at N1,610 as of 2.15 pm on July 18, 2024.

Meanwhile, traders buy from customers at rates as high as N1,590, leaving a margin of N20.

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