Naira has gained massively at Black Market on boxing day.
NewsOnline reports that the Nigerian official currency, Naira has gained against the United States dollar, exchanging at N555/$1 after opening the week at N570 per dollar on Monday, December 20, 2021.
A survey conducted by NewsOnline Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Boxing Day, Sunday morning, December 26, 2021, showed that the naira to usd exchanged at N555/$1, gaining N15 from the N570 position of 1 dollars to naira it started the week with though still poor compared to when usd to naira exchanged for N530/$1 on November 11, 2021.
Naira to dollar gains at Black market (parallel market)
The exchange rate between the naira to dollar and dollar to naira on Sunday morning, December 26, showed that the Nigerian official currency, Naira has gained against the United States dollar days after it opened the week on the rise which saw it exchanging at N570 per dollar on Monday, December 20, 2021.
The local currency opened at N555.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 26 December 2021, in Lagos Nigeria after it closed N565.00 per $1 on Saturday, 25 December 2021.
NewsOnline Nigeria reports that at the black market, the players buy a dollar for N550 and sell for N555 on Sunday morning, December 26, 2021 after they bought N560 and sold for N565 on Saturday, 25 December 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 in the parallel market at ₦555 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 the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, December 20, 2021 in Lagos Nigeria, after it opened at ₦572 last week Monday, December 13, 2021.