The Nigerian currency, the Naira has fallen massively at Aboki FX market with a latest exchange rate now.
According report gathered, the Nigerian official currency, the Naira has fallen against the United States dollar exchanging at N583/$1 weeks after a stable exchange rate of N570/$1.
According to a data obtained by GoldenNewsNg at the Bureau De Change (BDC) Lagos, Nigeria’s commercial city, on Monday afternoon, March 21, 2022, reviewed that the naira to usd exchanged at N583/$1, failed to remain stable at exchange rate of N570 of 1 dollars to naira.
Naira to dollar falls at Aboki black market (parallel market)
The Players at the parallel market better known as the black market or Aboki FX bought a dollar at N578 and sold for N583 on Monday morning, March 21, 2022, after they bought N575 and sold for N580 over the weekend.
The exchange rate between the naira to dollar and dollar to naira on Monday showed that the Nigerian official currency, Naira has fallen against the United States dollar months after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on October 20, 2021
Despite the fact that the dollar to naira opened at the parallel market (black market) at ₦578 per $1,
Please Note 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.
Nigeria’s debt stock is expected to reach N46.63 trillion by the end of 2022, according to the federal government.
Nigeria’s Debt Management Office (DMO) announced over the weekend that the domestic debt market cost the country an additional N950 billion in the first three months of 2022.
The DMO’s Director-General, Patience Oniha, made this disclosure in a document posted on the debt office’s website.
She also stated that the federal government was looking into all options for raising funds from outside sources.
