BREAKING: Naira Gains After Massive Fall Against Dollar At Black Market

Naira has gained after massive fall against dollar at the black market.

Eko Hot Blog reports that the Nigerian official currency, Naira has gained against the United States dollar, exchanging at N570/$1 after opening the week at N572 per dollar.

A survey conducted by Eko Hot Blog at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Thursday evening, December 16, 2021, showed that the naira to usd exchanged at N570/$1, gaining N2 from the N572 position of 1 dollars to naira it started the week with though still poor compared to when usd to naira exchanged for N530/$1.

Naira to dollar gains at Black market (parallel market)

The exchange rate between the naira to dollar and dollar to naira on Thursday evening, December 16, 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 N572 per dollar on Monday, December 13, 2021.

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Eko Hot Blog reports that at the black market, the players buy a dollar for N565 and sell for N570 on Thursday morning, December 15, 2021 after they bought N567 and sold for N572 on Wednesday morning, December 14, 2021.

Meanwhile, Eko Hot Blog 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 ₦570 per $1, Eko Hot Blog 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: Eko Hot Blog 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.