Naira has fallen massively at I&E Window and Black Market, See New Exchange Rates below.
Wednesday’s dollar to naira rate represented a 0.06 per cent depreciation compared to the N436.25 for which the dollar exchanged on Tuesday.
The open indicative rate closed at N44.75 to the dollar on Wednesday.
An exchange rate of N438 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.50.
The naira sold for as low as N425 to the dollar within the day’s trading.
A total of 133.97 million dollars was traded at the official Investors and Exporters window on Wednesday.
The local currency opened at N715.00 per $1 at the parallel market otherwise known as the black market today Thursday, 22 September 2022, in Lagos Nigeria, after it closed at N710.00 per $1 on Wednesday, 21 September 2022.
Even though the dollar to naira opened in the parallel market at ₦715 per $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.
Newsonline Nigeria reports that on the black market, the players buy a dollar for N710 and sell for N715 on Thursday morning, September 22, 2022, after they bought N710 and sold for N715 on Wednesday, 21 September 2022.
Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦708 in Parallel Market also known as Black Market on Monday, 19 September 2022, in Lagos Nigeria, after it opened at ₦700 last week Monday, 12th September 2022.