The naira has registered a sharp move against the dollar in the exchange market. The naira to dollar rate has been in fluctuation since the beginning of 2024.
Today, February 25, 2024, it is exchanging 1 US Dollar for 1,500.349 naira at the parallel market (black market) in Nigeria.
This sharp comeback is attributed to last minute reforms by the government, which included the crackdown on BDC operators and the banning of crypto apps like Binance etc.
This information was shared by Naira rates via a tweet on its X official account on Sunday. See tweet below:
Black Market Exchange rate is often at variance with the government’s official rate.
This is largely because the black market rate is regulated by the demand and supply of dollar as well as the he political and economic situation in US and Nigeria and the value of the US dollar.
Despite this sudden gain in the naira against the dollar, the cost of living in Nigeria is still at an all time high. it is also important to keep in mind that the rate can shift (either upwards or downwards) within hours as often seen in the past months.
Dollar Rise Against the Naira: Government Crackdown on BDC Operators
The Federal government took drastic steps to tackle the rising rates of dollar against the naira.
One of such moves was a crackdown on the Bureau De Change (BDC) Operators across major states of the country.
The Abuja BDC operators market was raided y the EFCC and some arrest made.
REPORT AFRIQUE earlier reported how government’s crackdown on BDC operators was recently faulted by former Anambra governor, Peter Obi.
