BREAKING: Naira Falls Massively At Black Market Weeks After Stable Exchange Rate

Naira has fallen massively at Black Market weeks after a stable exchange rate between a dollar to naira.

 

 

Newsonline reports that the Nigerian official currency, naira has fallen against the United States dollar exchanging at N579/$1 weeks after stable exchange rate of N570/$1.

 

A survey conducted by Newsonline Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Sunday morning, March 13, 2022, showed that the naira to usd exchanged at N579/$1, failing to maintain the N570 position of 1 dollars to naira it stood for more than eight days, months after usd to naira exchanged for N530/$1.

 

Naira to dollar falls at fx black market (parallel market) after a steady exchange rate

 

Newsonline Nigeria reports that the players at the parallel market better known as the black market bought a dollar at N574 and sold for N579 on Sunday morning, March 13, 2022, after they bought N565 and sold for N570 at the beginning of the week.

 

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 months 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 ₦579 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.

 

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.