Dollar has crashed massively as Naira gains at Black Market, See New Exchange Rate below.
Newsonline reports that Nigeria’s official currency, Naira has launched a sustained recovery at the parallel market otherwise known as the black market, gaining N7 since it fell to N565/$1 on Monday, November 22, 2021.
This online news platform understands that survey at the Bureau De Change (BDC) market in Ogba area of Lagos at on Thursday, November 25, 2021, showed that the Naira exchanged for N558/$1 as against the N560/$1 it traded on Monday.
On July 27, 201, the Central Bank of Nigeria (CBN) suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks. The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20.
Analysts had reacted differently to this as some supported the move while others said otherwise.
Newsonline Nigeria reports that CBN has also insisted that the rate in the unrecognised parallel market was not the reference rate of the Naira, adding that the true value of the currency was quoted at the Import and Export (I&E) trading window and as of November 10, the Naira traded at N414.73/$1.
On Thursday, November 25, the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦413.58 per dollar on Thursday, 25 November 2021, after it closed at ₦413.58 per $1 on Wednesday, 24 November 2021. This represents a change of -0.06%.
Similarly, Newsonline Nigeria reports that at the black market, the players bought a dollar for N555 and sold for N565 on Thursday morning, November 25, 2021 after they bought N550 and sold for N565 on Wednesday, 24 November 2021.
Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦564 in Parallel Market also known as Black Market on Monday, November 22, 2021 in Lagos Nigeria, after it opened at ₦541 last week Monday, November 15, 2021.