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Devaluation: Naira Hits N186 to $1 in Abuja Black Market

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The exchange rate for the dollar in Abuja “black market’’ on Wednesday stood at between N182 and N186, an investigation by a News Agency of Nigeria (NAN) correspondent found.

This is against the new official exchange rate N168 announced on Tuesday by the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.

The NAN correspondent, who checked near the Sheraton Hotel, Zone 4, Abuja, the rendezvous for most black market operators, found that the closest 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 get 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 U.S. 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 slid of oil price in the international market.

Part of the measures, as announced by Emefiele, was an increase in lending rate from 12 percent to 13 percent.

Photo Credit: Dreamstime.com

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

10 Comments

  1. adelegirl

    November 26, 2014 at 4:48 pm

    Ugh! Very unfortunate. Tightening of belt, austerity measures will now commence in earnest. I am just a tad upset I didn’t get most of my foreign shopping done before this devaluation and my sis dreams of snapping a cheap december ticket to US just got shot to smithereens. 🙁

    • Mz Socially Awkward...

      November 26, 2014 at 5:51 pm

      Sister, those austerity measures are being noted around the globe due to this fall in oil prices. It’s not looking very cheerful in many camps right now but imma just keep staying positive and Christian about my outlook by reminding myself that, “where others say there’s a casting down, we shall say there is a lifting up”….

    • adelegirl

      November 27, 2014 at 9:04 am

      Thanks MSA for lifting my spirits. Indeed I shall say there is a lifting up. Faith!

  2. nelly udoh

    November 26, 2014 at 4:55 pm

    Quit funny

  3. mrs chidukane

    November 26, 2014 at 9:08 pm

    Please Bella Naija can we get an article detailing the effects of the falling oil prices including why it is falling? Chai,i was really warming up for Black Friday. Issorai. I wonder how it will be cos when it was booming,government workers were still unpaid.

  4. D

    November 26, 2014 at 11:21 pm

    Ok oil prices always fall around this time of the year. I work in the oil and gas industry and it is not unusual. The gas that we use during the summer is different from those used during the winter months and so the during the cold season you are bound to see gas prices go down but come summer they shall rise again. Now, I am not saying there are not other factors that are playing into how low we have currently seeing them but this is actually very normal. Watch out for the summer months and see if things do not change. At least in my part of the world these always happens.

  5. Olive

    November 27, 2014 at 12:01 am

    Oil prices are falling because of so many factors like, Russia, the potential of US shale gas and demand falling. But this devaluation of the naira though….smh. Commodity prices are all going to go up, so you better have done your Christmas food shopping a long time ago, because instead you will eat pigeon as chicken.

  6. anon kwenu

    November 27, 2014 at 4:59 am

    the oil prices are dropping because the saudis are dropping the price per barrel.. the reason is because they want the prices to be so cheap so drilling shale oil in the usa wouldnt be worth it anymore. this might help understand rushlimbaugh.com/daily/2014/11/18/drill_baby_drill_us_fracking_drives_down_saudi_oil_prices

  7. olumatthew

    November 27, 2014 at 1:21 pm

    “The Devaluation of the Naira raises serious concern in the heart of Nigerians. Why bother when we can learn to lleverage on the Dollar and make income in dollars

  8. Michelle Derek

    March 19, 2015 at 8:44 pm

    Too bad that this has increased even more. it is almost $1 to N210

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