The USD exchange rate to naira on Friday, May 6, 2022, by Bureau De Change operators in Lagos ended at NGN590 (sell) and NGN585 (buy) while it was lower in some states capitals like Ibadan, Osogbo, and Akure.
The BDC rate which some people preferred to call the black market because is characterised by the power of negotiation.
But the highest margin in the parallel market is usually NGN10 while banks sell forex at any price they like.
The NGN590/USD at the market might mean that the naira ended the week on a sad note.
The day has not ended at the time of filing this report. Any announcement or other stronger market forces could still trigger price change.
P2P Exchange Rate
The exchange rate on cryptocurrency peer-to-peer platforms especially on binance, the world’s largest exchange stood at NGN594.99 to 1 USD.
P2P exchange rate became popular in the forex market following the CBN’s restrictions on crypto trading in 2021
Instead of the anti-crypto policy of the CBN which was designed to reduce the number of crypto traders in Nigeria, shut the number up.
It also led to the proliferation of p2p platforms in Nigeria.
USD/NGN CBN Exchange Rate
The CBN rate stood at NGN415.69/USD (sell) and NGN414.69 (buy) at the time of publication on the official website of Nigeria’s apex bank.
The CBN rate and BDC rate show a difference of NGN174.31, a margin foreign currency analysts described as ridiculous to Nigeria’s monetary system.
Although the CBN removed BDC operators from the list of its forex buyers in 2021, they remain the only available option for Nigerians including businessmen and foreign students who find it difficult to access forex using the Trading Monitoring System of the apex bank.
USD/NGN Bank Rate
On Friday, May 6, 2022, the bank exchange rate maintained the same price as we reported on May 5, 2022.
USD/NGN goes for NGN490/$ at GtBank, at Access bank, especially for online users, it’s NGN50/$
