Naira has gained massively over Dollar after Oil Hit 90 Dollar Per Barrel.
NewsOnline reports that the exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416.25/$1, while it traded as high as N444/$1 before settling lower.
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Naira gained further against the US dollar on Wednesday albeit a marginal appreciation of 0.02% to close at N416.33/$1 compared to N416.25/$1 recorded in the previous trading session.
The exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.
The local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 27 January 2022, in Lagos Nigeria, after it closed N570.00 per $1 on Wednesday, 26 January 2022.
Even though the dollar to naira opened in the parallel market at ₦570 per $1 today, Newsonline reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Newsonline Nigeria reports that at the black market, the players buy a dollar for N565 and sell for N570 on Thursday morning, January 27, 2022 after they bought N565 and sold for N571 on Wednesday morning, January 256.
Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, January 24, 2022 in Lagos Nigeria, same amount it opened at last week Monday, January 17, 2021.
