BREAKING: Naira Continues To Gain At Black Market, See New Exchange Rate

Naira Continues To Gain At Black Market, See New Exchange Rate

Naira has continued to gain against the US dollar at the black market, see the new exchange rate below.

GoldenNewsNg reports that the US official currency, dollar crashed at the parallel market also known as the black market on Friday, October 29, trading at ₦565 per a dollar after it closed at ₦572 per a dollar on Thursday, October 28, 2021.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦565 and the price can change (high or low ) within hours.

Also, GoldenNewsNg reports that the Naira gained on Friday, October 29, 2021, hitting ₦₦414.49 per dollar, after it closed at ₦415.10 per $1 on Thursday, 29 October 2021 at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions.

Meanwhile, GoldenNewsNg reports that the development is coming a week and few days after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele to allow the naira reflect the realities of the market.

BREAKING: Naira Crashes Massively At Black Market, See Today’s Exchange Rate

The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.

“For context, the Vice-President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!

“This was why the Vice–President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.

“It is a well-known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”

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Update on Today’s Exchange Rate

Dollar to Naira Black Market Exchange Rate today. You can now check dollar to naira black market here.

Let’s take to See the current dollar to Naira exchange rate as of today. Let’s help compare the Dollar to Naira bank rate vs aboki rate.

Dollar to Naira Black Market Rate Today

Dollar, Pounds, Euro to Naira Today – GBP to Naira Today

Dollar to Naira Yesterday and Throughout the Week

How much is naira to dollar today in black market?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES October 30, 2021 (BLACK MARKET): dollar to naira exchange rate today black market

Dollar To Naira Exchange Rate Today 31st October 2021 (Black Market Rate) October 31st dollar to naira black market exchange rate: $1 dollar to naira = ₦569
Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N569.00 per $1 at the parallel market otherwise known as the black market, today,  in Lagos Nigeria after it closed N565.00 per $1 on Saturday, 30th October 2021.

Based on what premium times report we have been able to arrived at the following calculations

Black Market  table rate for Last week

More information on Dollar to Naira Exchange in Nigeria.

The Central Bank of Nigeria has suspended the sale of Dollars to BDC and has asked banks to meet dollar demand of ordinary Nigerians who want to genuinely want dollars for genuine reasons.

Right now The only exchange rate market recognize by CBN is the Investors and Exporters window, So if you want to buy or sell dollars you are expected to make use it without breaking the law.

Although everyone has been airing their own opinion on this matter. Expert has argued that had it been the BDC was operational things won’t have gone wrong this far.

Let’s not forget that the CBN has condemned the act of registered money changers who engaged in round-tripping..