Libya’s foreign currency black market fluctuating as dollar drops sharply

The Libyan black market for foreign currencies in Tripoli’s Al-Dahra and Sooq Al-Dahab (Gold Market) has been reportedly fluctuating in the last 24 hours with the $1 ranging between LYD5.8 and LYD5.5, according to sources from the market.

The sources, who asked to remain anonymous, told the Libyan News that following the announcement of the Central Bank of Libya (CBL) on Wednesday afternoon, in which it said would sell 400 dollars to every Libyan at official selling rates, the black market did not know what rate they should sell the dollar with.

Some dropped the rates to LYD5.9 then they dropped them to LYD5.7 and others were reportedly offering to sell US dollars for LYD5.5 and less, added the sources.

There is still uncertainty in the black market about how low the rates would go after the new CBL order, but one thing for sure, the exchange rates in the black market will have a sharp drop going back to normal rates, and we’re talking about (LYD3-) one of the Libyan economic analysts told the Libyan News on Thursday.

On Wednesday, the CBL said it would sell $400 at official rates (LYD1.42) to every Libyan family member, the news went viral on social media and media outlets, as well as in the black market.

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