BDC Traders Sell Dollar at New Exchange Rate As Naira Stands Firm in Official Market

BDC Traders Sell Dollar at New Exchange Rate As Naira Stands Firm in Official Market

  • BDC traders are selling the US dollar at a new exchange rate as the naira improved in performance in the official market
  • New data shows that the naira is stable in the official market and has also appreciated in the black market
  • The excellent performance of the naira in the foreign exchange market is thanks to the increase in dollar supply journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerian currency maintained stability against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Data from FMDQ securities showed that on Tuesday, May 28, 2024, the naira closed at N1,339.33/$1, the same rate as the previous day.

Naira to dollar exchange rate continues to trend
Naira stays strong in official market as dollar supply rises Photo credit: Bloomberg/contributor
Source: Getty Images

This happened as the dollar supply increased significantly to $328.32 million on Tuesday, 81.6% higher than the $180.80 million recorded a day earlier, or $147.52 million.

Read also

Official, black market rates gap widens as traders adopt new naira to dollar exchange rate

The rise in dollar supply can be connected to the Central Bank of Nigeria (CBN) FX inflows from treasury bills and OMO bills sales.

Also, CBN data showed that in the official market, the Nigerian currency improved its value against the pound sterling by N121.85 to sell for N1,762.43/£1 compared with Tuesday's rate of N1,884.28/£1.

It was a similar story for the naira against the euro, as it appreciated by N106.73 to settle at N1,500.58/€1, compared to the previous rate of N1,607.31/€1.

Naira to dollar at black market

In the black market, traders who spoke to on Wednesday said the dollar now sells below N1,500.

Abudulahi, a BDC trader, told

"We now buy dollars from Nigerians at N1,460 and sell at N1,480. The market is improving, the demand for dollar has reduced a bit in the last 2 days."

Read also

Dollar supply rise as CBN issues new rules to black market traders on street FX trading, naira gains

CBN issues new directives on street trading previously reported that the CBN banned street trading of foreign currencies by Bureau de Change (BDC) operators, citing the need to regulate the foreign exchange market properly.

CBN's director of risk management, Blaise Ijebor, said street trading of foreign currencies is not allowed as the apex bank does not want BDCs under trees.

He said the traders should be in offices where customers can come in and change their currencies.

Proofreading by James Ojo Adakole, journalist and copy editor at


Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email:

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