Dollar exchanges for N1,615 on FX black market

The dollar to naira exchange rate reached N1,615 at Nigeria’s foreign exchange black market.

Ashiru Dayyabu, a Bureau De Change operator in Wuse Zone 4, said that the dollar was sold at the rate of N1,600 to N1,615 on Wednesday.

“We buy the dollar at N1590 and sell between N1600 and N1615,” he told DAILY POST.

Similarly, the naira depreciated at the official FX market.

This comes as FMDQ data showed the naira depreciated to N1,581.65 against the dollar on Wednesday from N1,576.66 recorded on Tuesday.

The development comes as FX transaction turnover further declined to $108.16 million on Wednesday from $138.17 million the previous day.