• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Monday, October 2, 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: Naira Falls Massively At Aboki Black Market, See New Exchange Rate

Bureaux De Change operators (BDCs), popularly known as ‘abokis’ in Lagos, Nigeria’s commercial city, said they purchase a dollar at N608/$ and then sell at N614, making a gain of N6 per dollar sold.

by Justice Winner
June 29, 2022
in Economy And Business, Headline
Naira

naira

Naira has fallen to the lowest on the aboki black market since the beginning of 2022.

 

 

Newsonline reports that the black market rate for dollar in Nigeria today has seen the Nigerian naira drop to N614 against the dollar at the parallel section of the foreign exchange market better known as the black market.

 

 

This online news platform understands that the black market rate for dollar in Nigeria signifies a depreciation of N7 or 1.2 per cent compared to the N607 it traded last two weeks.

Bureaux De Change operators (BDCs), popularly known as ‘abokis’ in Lagos, Nigeria’s commercial city, said they purchase a dollar at N608/$ and then sell at N614, making a gain of N6 per dollar sold.

 

ALSO: Dollar To Naira Hits N615 As Local Raw Materials Sourcing Declines To 52%

 

naira
Naira

 

 

The naira also depreciated at the official market by 0.21 percent to close at N421/$, according to information obtained from FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading.

 

Newsonline Nigeria reports that Nigeria operates multiple exchange rate windows ranging from the importers and exporters window (I&E) window, where forex is traded between exporters, investors, and purchasers of forex, the SMEIS window where forex is sold to importers, and others.

 

International organisations such as the World Bank and the International Monetary Fund (IMF) have constantly advised the Central Bank of Nigeria (CBN) to unify the official and parallel market exchange rates.

 

However, the CBN governor, Godwin Emefiele, had said that despite advice offered by IMF and the World Bank, developing economies such as Nigeria had the liberty of adopting “homegrown solutions” to their economic problems.

 

The governor of the apex bank said the managed floating exchange rate, which allows the CBN to intervene in the market when there is a supply shock, would be in place as long as supply exceeds demand.

 

“They want us to free the exchange rate. And you do know that this has some impacts on the exchange rate itself,” he had said.

 

“When you allow that to happen, you will have an uncontrollable spiral on the naira.

 

“But what managed float means is that we have some measures in place to help control the spiral.”

Previous Post

I’ve Court Documents, Tinubu Is A Drug Lord – Omokri

Next Post

2023: PDP Constitution Provides For Rotational Presidency – Fayose

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

Tinubu Government
Headline

BREAKING: NLC reaches five new resolutions with Tinubu Government

Peter Obi
Crime Watch

Peter Obi maintains fuel subsidy is an organised crime

Amos Josiah Dangut
Education

BREAKING: Amos Josiah Dangut Appointed as new WAEC head

Tinubu
Headline

UPDATED: Tinubu approves N35,000 provisional wage increase for FG workers

Justice Ariwoola
Headline

JUST IN: Justice Ariwoola to swear in 23 high court judges (FULL LIST)

 Remi Tinubu
Headline

“My husband is not a magician”- First Lady, Remi Tinubu to suffering Nigerians

Next Post
Fayose

2023: PDP Constitution Provides For Rotational Presidency - Fayose

Trending Posts

Additional Wage For Workers

BREAKING: FG Increases Additional Wage For Workers From N25,000 To N35,000

Minimum Wage

BREAKING: FG Increases Minimum Wage For All Federal Civil Servants

Ilebaye Biography

Ilebaye BBNaija Biography, Age, State of Origin, Net Worth, Instagram

Betta Edu

Betta Edu narrates story behind unpaid Npower Stipends, Nexit Package

Ilebaye

BREAKING: Ilebaye Defeats Former BBNaija Winner, Mercy To Claim N120m All Star Grand Prize

Tinubu Government

BREAKING: President Tinubu Government Removes VAT On Diesel

NLC

BREAKING: NLC Summons Emergency NEC Meeting, May Suspend Strike

FG Tech Startup Accelerator Fellowship

APPLY NOW: Applications opens for FG Tech Startup Accelerator Fellowship

NLC

BREAKING: Determined to avert nationwide shutdown, FG summons labour to emergency meeting

US Visa Lottery

US Visa Lottery Crucial Information for Diversity Visa (DV) 2025 Applicants

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