Black market currency traders continue to profit from forex scarcity in the country as the gap between official and unofficial market exchange rates widen further, IgbereTV reports
On Tuesday, traders who were able to obtain the US dollar at a cheap rate made millions as they exchanged Naira for a dollar at N606 to potential customers who had approached the market for quick access to FX.
The exchange rate is a whopping N187.75 gap when compared to the N418.25/$1 it closed at the official market.
What this means is that if a trader was able to sell $50,000 to a prospective client at the rate of N606/$ after being able to get a dollar at the official rate, the trader has made a whooping N9.38 million on the transaction.
Naira’s significant drop in value at the black market is despite the increase in forex supply at the official market by $181.28 million or 340.4 per cent to $234.54 million compared to $53.26 million available on Monday.
