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

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

The new rate indicated a slight depreciation compared to the N1,480/$1 quoted on Tuesday, June 11.

Meanwhile, for the British pound, the street traders sold at N1,880 on Wednesday, and the euro exchanged at N1600. On some fintech platforms, such as Chipper Cash, a dollar was sold above N1,650 at the time of this report.

A BDC trader, Musa Lawal, along Airport Road, Lagos, told Legit.ng that the new exchange rate reflected the current market level.

He said: "For some time now, the CBN has not sold dollars to BDCs, and what we sell is what we source ourselves from the market.

"We fix our rates based on the demand and also the customer. For example, for my regular customer, I can sell the dollar at N1,500 or even N1,490 to keep him happy, but for a new customer, it depends on the negotiating power and the amount he or she is trying to buy or sell."