Naira has fallen massively at the black market against dollar.
Newsonline reports that the Nigerian official currency, Naira has fallen massively 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.
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This online news platform understands that survey at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Sunday evening, November 21, 2021, showed that the Naira exchanged at N560/$1, two weeks after it exchanged for N530/$1.
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 as the Naira trades at N560/$1 at the black market as against the N530/$1 it traded last week. This shows that the Naira lost N30 between November 15 and now.
Newsonline Nigeria reports that the players at black market, bought a dollar for N547 and sold for N560 on Sunday evening, November 21, 2021 after they bought N537 and sold for N541 at the beginning of the week.
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 ₦560 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.