Naira has fallen massively on the first day of June 2022, See new exchange rate below.
NewsOnline reports that the Nigerian official currency, the naira crashed at the parallel market also known as the black market on Wednesday, June 1, 2022, trading at ₦605 per a dollar with Bureau De Change (BDC) operators buying at ₦600 per a dollar and selling at ₦605/$1 as at 3:15 pm in the Lagos market as monitored by Newsonline Nigeria reporters who visited the market on Wednesday afternoon.
BDC operators popularly known as Abokis in the parallel market (black market), bought a dollar at ₦600 per a dollar and sold at ₦605 per a dollar on Wednesday afternoon, 1st June 2022, at the official market, the exchange rate between the Naira and the US dollar according to the data from the official forex market, showed that the naira opened at ₦415.5347
| Tuesday 31 May 2022 | 1 USD = 415.161 NGN | |
| Monday 30 May 2022 | 1 USD = 415.0555 NGN | |
| Sunday 29 May 2022 | 1 USD = 414.9532 NGN | |
| Saturday 28 May 2022 | 1 USD = 415.2237 NGN | |
| Friday 27 May 2022 | 1 USD = 415.2317 NGN | |
| Thursday 26 May 2022 | 1 USD = 415.2281 NGN | |
| Wednesday 25 May 2022 | 1 USD = 415.1011 NGN |
How much is exchange rate of the Dollar to Naira in the Black Market today?: Lagos parallel market (black market dollar exchange rate today)
Newsonline Nigeria reports that on the black market, the players buy a dollar for ₦600.00 and sell for ₦605.00 on Wednesday afternoon, June 1, 2022, after they bought ₦584.00 and sold ₦589.00 on May 1, 2022. This means that the naira has lost ₦16.00 in the last 30 days compared to now.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 600 |
| Selling Rate | 605 |
Even though the dollar to naira opened in the parallel market at ₦605 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.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.
“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.
Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦605 in Parallel Market also known as Black Market on Monday, 30 May 2022, in Lagos Nigeria, after it opened at ₦605 last week Monday, 23 May 2022.
Checks by Newsonline Nigeria reveal uncertainty in the market as prices move up and down in a directionless manner, thereby making it unreliable.
