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BREAKING: Naira falls massively at Black Market weeks after a stable exchange rate

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3 years ago

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Naira has fallen massively at Black Market weeks after a stable exchange rate between a dollar to naira.

IDOMA VOICE reports that the Nigerian official currency, Naira has fallen against the United States dollar exchanging at N579/$1 weeks after stable exchange rate of N570/$1.

A survey conducted by IDOMA VOICE at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Sunday morning, March 13, 2022, showed that the naira to usd exchanged at N579/$1, failing to maintain the N570 position of 1 dollars to naira it stood for more than eight days, months after usd to naira exchanged for N530/$1.

IDOMA VOICE reports that the players at the parallel market better known as the black market bought a dollar at N574 and sold for N579 on Sunday morning, March 13, 2022, after they bought N565 and sold for N570 at the beginning of the week.

The exchange rate between the naira to dollar and dollar to naira on Sunday 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 September 20, 2021
Meanwhile, IDOMA VOICE 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 at the parallel market (black market) at ₦579 per $1, IDOMA VOICE 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.

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