However, despite a steady rise against the dollar last week, the Naira has again gone down with the Nigerian currency trading at N545 per dollar at the Lagos and Abuja parallel market otherwise known as the black market on Thursday, November 18, 2021.
While the speculators were hoping to see a further crash of the dollar following the steady rise of the Naira last week, the reverse is the case today as the Naira trades at N545/$1 at the black market as against the N530/$1 it traded last week. This shows that the Naira lost N15 between last week Monday and today.
Newsonline Nigeria reports that in the black market, the players buy a dollar for N540 and sell for N545 on Thursday morning, November 18, 2021 after they bought N525 and sell for N530last week.
Even though the dollar to naira opened at the parallel market at ₦545per $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.
Disclaimer: NEWSONLINE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.