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Dollar settles at N340 – N347 at black market

The dollar is today (Wednesday,May 18) exchanging for between N340 and N347 in Lagos at the black market. It appears the rumour of devaluation of the Naira officially by the government to around N285 is subsiding.

Across the metropolis, the dollar appears to be losing marginally from its over N350 rate earlier in the week.
Black market operators we spoke with today said the dollar was exchanging for N340/N347, euro was N390 and pounds, N485.
The threat of strike and the speculation of devaluation is distorting the exchange rate…

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