Naira has fallen massively on the first day of July 2022, See New Exchange Rate below.
IDOMA VOICE reports that the naira on Thursday lost to the greenback at the Investors and Exporters window, exchanging at 424.88 to the dollar against 421.00 traded on Wednesday, a 0.80 per cent depreciation.
The open indicative rate closed at N421.80 to the dollar on Thursday.
An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N424.88.
The naira sold for as low as 410 to the dollar within the day’s trading.
Meanwhile, the local currency opened at N610.00 per $1 at the parallel market otherwise known as the black market today Friday, 1st July 2022, in Lagos Nigeria, after it closed at N605.00 per $1 on Thursday, 30 June 2022.
Even though the dollar to naira opened in the parallel market at ₦609 per $1 today, Newsonline 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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