Dollar Scarcity Begins In Abuja, Parallel Market Thrown In Confusion

Scarcity of the US dollar has caused trouble during trading at the parallel market (Black market) in Abuja.

According to indepth research,popular Black market spots in Zone 4 of Wuse District observed that trading activities were very low.

An operator who spoke to Vanguard on condition of anonymity said that individual members of the traders were relating with the customers.

He cited the scarcity of dollars as responsible for the development and that the operators were watching developments in the market.

The Black market operators were pegged the exchange rate at N1, 500/$1 for those seeking to buy dollars.

However, they were offering N1, 300/ $1 for members of the public who wanted to change their dollars to Naira.

Although transactions were going on at the time of visit (about 12.10 pm) there were no open exchange of cash which was normal at the Black Market.

Another operator said that the scarcity of foreign exchange had badly affected their businesses.