Naira has crashed massively at the black market after a steady exchange rate.
Newsonline reports that the Nigerian official currency, Naira has crashed against the United States dollar exchanging at N572/$1 weeks after a steady exchange rate of N565/$1.
A survey conducted by Newsone Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Sunday evening, December 12, 2021, showed that the naira to usd exchanged at N572/$1, failing to maintain the N565 position of 1 dollars to naira it stood for more than eight days weeks after usd to naira exchanged for N530/$1.
Naira to dollar crashes at Black market (parallel market) after steady exchange rate
Newsonline Nigeria reports that the players at parallel market better known as black market, bought a dollar at N567 and sold for N572 on Sunday evening, December 12, 2021 after they bought N560 and sold for N565 at last week, Monday, December 6.
The exchange rate between the naira to dollar and dollar to naira on Sunday, showed that the Nigerian official currency, Naira has fallen against the United States dollar weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.
Meanwhile, Newsonline Nigeria reports that this is coming months after the Central Bank of Nigeria (CBN) had on July 27, 2021, 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.
Even though the dollar to naira opened at the parallel market (black market) at ₦572 per $1, 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.