Naira has fallen against dollar at black market after a massive gain
GoldenNewsNg reports that the Nigerian official currency, Naira has fallen 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.
This online news platform understands that survey at the Bureau De Change (BDC) market in Wuse Zone 4 in Abuja, Nigeria’s capital and Ogba area of Lagos, Nigeria’s commercial city, last week, showed that the Naira exchanged between N525 and N530/$1.
GoldenNewsNg reports that this came 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.
However, despite a steady rise against the dollar last week, the Naira has again gone down with the Nigerian currency trading at N545 per dollar at the Lagos and Abuja parallel market otherwise known as the black market on Thursday, November 18, 2021.
While the speculators were hoping to see a further crash of the dollar following the steady rise of the Naira last week, the reverse is the case today as the Naira trades at N545/$1 at the black market as against the N530/$1 it traded last week. This shows that the Naira lost N15 between last week Monday and today.
Newsone Nigeria reports that the black market, the players buy a dollar for N540 and sell for N545 on Thursday morning, November 18, 2021 after they bought N525 and sell for N530 last week.
Even though the dollar to naira opened at the parallel market at ₦545 per $1 today, GoldenNewsNg 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: GoldenNewsNg 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.