BREAKING: Dollar gains as naira continues massive fall at Aboki black market

The dollar continues to gain with Naira experiencing a massive fall at the Aboki black market.

Newsone reports that the Nigerian official currency, the naira has continued to fall massively continued to fall at the parallel market better known as the black market, approaching N600/$1 dollar to naira exchange rate in black market.

It was learnt that as of Tuesday evening, the naira exchanged at N590/$1 as against the exchange rate of N570/$1 it has stood for several weeks at the parallel market known also as the Aboki black market.

A survey conducted by Newsone Nigeria financial experts at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, Tuesday evening, April 5, 2022, showed that the naira to usd exchanged at N590/$1, failing to maintain the N570 position of 1 dollar to naira it stood for weeks, months after USD to naira exchanged for N530/$1.

Reports has it that the players in the parallel market better known as the black market bought a dollar at N585 and sold for N590 on Tuesday evening, April 5, 2022, with Bureau De Change operators interviewed by Newsone reporter suggesting that the naira might hit N600/$1 at the parallel market any moment from now.

The exchange rate between the naira to dollar and dollar to naira on Tuesday evening showed that the Nigerian official currency, the naira has fallen against the United States dollar months after a steady rise which saw it gain over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

Meanwhile,after the Central Bank of Nigeria (CBN) led by Godwin Emefile had on July 27, 2021, suspended foreign exchange (forex) sales to BDC operators and directed all those with 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, 2021.

Even though the dollar to naira opened at the parallel market (black market) at ₦590 per $1, Newsone 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.