Naira has maintained its position against dollar at the parallel market.
Newsonline reports that the Nigerian official currency, Naira has maintained its position against dollar 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.
A survey conducted by Newsonline Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Monday morning, December 6, 2021, showed that the naira to usd exchanged at N565/$1, maintaining that position of 1 dollars to naira for more than seven days weeks after usd to naira exchanged for N530/$1.
While speculators were hoping to see a further crash of dollars to naira following the steady rise of the Naira weeks ago, the reverse is the case as the naira trades at N565/$1 at the parallel market otherwise known as the black market as against the N530/$1 it traded weeks ago. This shows that the Naira lost N30 between November 11 when dollar naira traded N535/$1 and today, December 6th that naira to dollar opened at N565/$1.
Naira to dollar maintains same position at parallel market (black market) for more than 7 days
Newsonline Nigeria reports that the players at parallel market better known as black market, bought a dollar at N560 and sold for N565 on Monday morning, December 6
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 ₦565 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.