Naira crashes massively at Aboki Black Market as FX demand soars high

Naira has crashed massively at Aboki Black Market as FX demand soars high.

IDOMA VOICE reports that the exchange rate between the naira and the US dollar opened at N584/$1 at the Aboki Black Market as FX demand soars high, representing the second-lowest fall since January 4th 2022.

The local currency opened at N584.00 per $1 at the parallel market otherwise known as the black market, today, Friday, 25 March 2022, in Lagos Nigeria, after it closed N580.00 per $1 on Thursday, 24 March 2022.

Even though the dollar to naira opened in the parallel market at ₦584 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.

IDOMA VOICE reports that at the black market, the players buy a dollar for N578 and sell for N584 on Friday morning, March 25, 2022, after they bought N577 and sold for N580 on Thursday, 24 March 2022.

Meanwhile, IDOMA VOICE reports that the USD started this week at ₦585 in Parallel Market also known as Black Market on Monday, March 21, 2022, in Lagos Nigeria, after it opened at 579 last week Monday, March 14, 2022.