Naira falls at black market 2nd time in 2022 ( See new exchange rate)

Even though the dollar to naira opened in the parallel market at ₦565 per $1 today,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.

The black market, the players bought a dollar for N564 and sold for N570 on Monday morning, January 10, 2022 after they bought N562 and sold for N567 on Sunday morning, January 9, 2022.

Though the naira has fallen at the black market, it, however, showed strength at the official market, gaining more than N1 naira, from what it traded last week after the CBN adjusted the dollar to naira exchange rate.

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦417.25 per dollar , but later closed at ₦416.25 per $1 the same day, representing a change of 0.06% or gain of N1.