Naira has fallen against the dollar at the black market after a steady exchange rate rise.
Newsonline reports 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.
A survey conducted by Newsonline Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Wednesday, December 8, 2021, showed that the naira to usd exchanged at N567/$1, failing to maintain the N565 position of 1 dollars to naira it stood for more than seven days weeks after usd to naira exchanged for N530/$1.
While speculators were hoping to see a further crash of dollars to naira following the steady rise of the Naira weeks ago, the reverse is the case as the naira trades at N567/$1 at the parallel market otherwise known as the black market as against the N530/$1 it traded weeks ago. This shows that the Naira lost N32 between November 11 when dollar naira traded N535/$1 and Wednesday, December 8th that naira to dollar opened at N567/$1.
Naira to dollar falls at Black market (parallel market) for one week after steady exchange rate
Newsonline Nigeria reports that the players at parallel market better known as black market, bought a dollar at N562 and sold for N567 on Wednesday morning, December 8, 2021 after they bought N560 and sold for N565 at last week, Friday, December 3.
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 ₦567 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.