• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Monday, September 25, 2023
NewsOnline Nigeria
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station
No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station
No Result
View All Result
NewsOnline Nigeria
No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station

BREAKING: Dollar Crashes As Naira Gains Massively At Black Market

by Justice Winner
November 1, 2021
in Economy And Business, Headline
Naira

Naira

The US dollar crashed as Naira begins the Month of November with massive gain at the black market.

 

 

Newsonline reports that the United States of America official currency, the dollar crashed at the parallel market also known as the black market on Monday, November 1, trading at ₦565 per a dollar with Bureau De Change (BDC) operators buying at ₦555 per dollar as at 9:15 am in the Lagos market as monitored by Newsonline Nigeria correspondent who visited the market on Monday morning.

 

BREAKING: Naira Continues To Gain At Black Market, See New Exchange Rate

 

[the_ad id=”18981″]

READ ALSO

BREAKING: Governor Sanwo-Olu Re-Election Upheld By Lagos Tribunal

BREAKING: Bridge Collapses On Enugu-Port Harcourt Expressway

Russia Places International Criminal Court President on Its Most Wanted List

Lagos Tribunal Strikes Out Jandor, Rhodes Vivour’s Petition Against Sanwo-Olu Victory

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦565 and the price can change (high or low ) within hours.

 

Newsonline reports that while BDC operators popularly known as Abokis in the parallel market (black market), bought dollar at ₦555 per a dollar and sold at ₦565 per a dollar on Monday morning, at the official market, the exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦414.12 on Monday morning after closing ₦415.10. This represents a change of -0.09%.

 

[the_ad id=”19218″]

 

How much is exchange rate of Dollar to Naira in Black Market today?: Lagos parallel market (black market dollar exchange rate today)

 

Newsonline Nigeria reports that the black market, the players buy a dollar for ₦555.00 and sell for ₦565.00 on Monday morning, November 1, 2021 after they bought N560 and sold N569 last Friday, 29 October 2021.

 

TRENDING: 100 Happy New Month Of November Messages, Prayers, Quotes For All

Even though the dollar to naira opened in the parallel market at ₦565 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.

 

Meanwhile, Newsonline Nigeria reports that the dollar to naira exchange rate today is coming after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele last month to allow the naira reflect the realities of the market.

 

The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

 

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.

 

“For context, the Vice-President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

 

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when sell ing the dollar can bring in 40% profit!

 

“This was why the Vice-President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.

 

“It is a well–known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”

 

 

Previous Post

100 Happy New Month Of November Messages, Prayers, Quotes For All

Next Post

Dollar To Naira Exchange Rate Today 1st November 2021 (Black Market Rate)

Justice Winner

Justice Winner

Justice Winner is a Veteran Nigerian Journalist With Expertise in Writing Nigeria News, Entertainment and Politics. He has a degree in Journalism/Mass Communication Studies. Justice is a dedicated and talented writer committed to producing high-quality content that is authoritative, informative, entertaining, and engaging. Connect with Him on Instagram , Facebook, Twitter, and LinkedIn.

Related Posts

Governor Sanwo-Olu
Headline

BREAKING: Governor Sanwo-Olu Re-Election Upheld By Lagos Tribunal

Enugu-Port Harcourt Expressway
Headline

BREAKING: Bridge Collapses On Enugu-Port Harcourt Expressway

International Criminal Court President
Headline

Russia Places International Criminal Court President on Its Most Wanted List

Next Post
Naira

Dollar To Naira Exchange Rate Today 1st November 2021 (Black Market Rate)

Trending Posts

Mike Adenuga

Mike Adenuga In Spotlight Over $260 Million Debt, Bribery Allegations

Naira

Black Market Dollar To Naira Today, 24 September 2023 In Lagos & Abuja

APC Forum

APC Forum Warns Wike Against Actions Inimical To Party, Region’s Interests

Akwa Ibom Governor Eno

Akwa Ibom Governor Eno Under Pressure To Share Money Or Risk Second Term

Tinubu

Tinubu Government Launches NATEP Youth Employment Programme

NLC

BREAKING: NLC Speaks On Commencing Nationwide Indefinite Strike

Enugu-Port Harcourt Expressway

BREAKING: Bridge Collapses On Enugu-Port Harcourt Expressway

Naira

Black Market Dollar To Naira Today, 25 September 2023 In Lagos & Abuja

Tony Elumelu

Tony Elumelu Expresses Confidence In Naira Stability Amid CBN Leadership Change

CBN PVS Portal

How To Register And Submit Applications On CBN PVS Portal

ADVERTISEMENT

ABOUT US

NewsOnline Nigeria is Nigeria’s fastest growing trusted independent online newspaper covering Africa’s socio-economic issues, trades and investments; it provides informed perspectives on economic and political events in Nigeria and Africa at large.

Relevant Pages

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

Reach Us

6th Avenue, Festac Town, Lagos

+234 816 184 6326

[email protected]

Alert Us

Important Press Releases, Breaking Stories, Special Investigations: [email protected]

Copyright © 2023 Newsonline Nigeria

No Result
View All Result
  • Latest Posts
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Education
  • Sports
  • Lifestyle
  • TV Station

Copyright © 2023 Newsonline Nigeria