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This afternoon, the current shortage of foreign exchange (dollar) disrupted trading at the parallel market, also known as the black market, in Abuja.
An anonymous operator informed Vanguard that individual members of the trading community were in direct contact with customers.
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The dollar scarcity in Nigeria was identified as the primary cause of this disruption, and operators were closely monitoring market developments.
The exchange rate set by black market operators for those seeking to buy American currency was N1,500/$1.
However, they were offering N1,300/$1 for members of the public wishing to exchange their dollars for Naira.
During the visit, which occurred around 12:10 pm, transactions were taking place, but there were no visible cash exchanges, deviating from the norm at the black market.
Another operator lamented to Vanguard that the scarcity of foreign exchange had significantly impacted their businesses.
