BDC Traders Quote New Exchange Rate for Dollar, Pound, Euro in Forex Markets [Video]

• BDC traders are selling the U.S. dollar at a new exchange rate as the naira appreciated ahead of the Democracy Day celebrations in the official market
• The dollar remains slightly above N1,500 in the black market, while some fintech platforms are selling above N1,600
• The Central Bank of Nigeria is expected to intervene in the forex markets following the increase in foreign reserves.

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Bureau De Change (BDC) operators in Nigeria have quoted new exchange rates for the U.S. dollar, British pound, and euro as Nigeria marks democracy day.

Traders who spoke to Legit.ng revealed that the dollar currently sells for N1,502 on Wednesday, June 12, 2024, in the black market, also known as the parallel market.

The new rate …