Devaluation: Naira hits N186 in parallel market

26 November 2014, Lagos – The exchange rate for the dollar in Abuja parallel market, otherwise called the black market, on Wednesday rose to between N182 and N186, a day after the Central Bank of Nigeria devalued the nation’s currency by N13, an investigation by a News Agency of Nigeria correspondent revealed.

This is against the new official exchange rate N168 announced on Tuesday by the Governor of CBN, Mr Godwin Emefiele.

Commemorative naira noteThe NAN correspondent, who checked near the Sheraton Hotel, Zone 4, Abuja, the rendezvous for most ‘black’ market operators, found that the lowest naira exchange to the official exchange rate was N182.

Some of the operators told NAN that the difference between their rate and the official rate was to accommodate the “extra charges’’ they pay to “dealers’’ they got the hard currency from.

A ‘black’ market operator, Alhaji Usman Gongola, told NAN that he sold one dollar at N186 and bought one dollar for N183.
Another operator, Alhaji Bello Abdullahi, said he sold at N184 and bought one dollar for N182.

Also speaking, Alhaji Mohammed Bichi, told NAN that he sold one dollar at N182 and bought one dollar for N181.

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

The CBN governor told newsmen at the end of the Monetary Policy Committee meeting in Abuja on Tuesday that the measure was to strengthen the economy, following continued slide of oil price in the international market.


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