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Naira falls massively first day of June 2022 ( See new exchange rate)

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Naira has fallen massively on the first day of June 2022, See New Exchange Rate below.

IDOMA VOICE reports that the Nigerian official currency, the naira crashed at the parallel market also known as the black market on Wednesday, June 1, 2022, trading at ₦605 per a dollar with Bureau De Change (BDC) operators buying at ₦600 per a dollar and selling at ₦605/$1 as at 3:15 pm in the Lagos market as monitored by Newsonline Nigeria reporters who visited the market on Wednesday afternoon.

BDC operators popularly known as Abokis in the parallel market (black market), bought a dollar at ₦600 per a dollar and sold at ₦605 per a dollar on Wednesday afternoon, 1st June 2022, at the official market, the exchange rate between the Naira and the US dollar according to the data from the official forex market, showed that the naira opened at ₦415.5347 on Wednesday afternoon after closing ₦415.161 the previous day, Tuesday, 31st May 2022.

Tuesday 31 May 2022 1 USD = 415.161 NGN
Monday 30 May 2022 1 USD = 415.0555 NGN
Sunday 29 May 2022 1 USD = 414.9532 NGN
Saturday 28 May 2022 1 USD = 415.2237 NGN
Friday 27 May 2022 1 USD = 415.2317 NGN
Thursday 26 May 2022 1 USD = 415.2281 NGN
Wednesday 25 May 2022 1 USD = 415.1011 NGN

 

How much is exchange rate of the Dollar to Naira in the Black Market today?: Lagos parallel market (black market dollar exchange rate today)

IDOMA VOICE  reports that on the black market, the players buy a dollar for ₦600.00 and sell for ₦605.00 on Wednesday afternoon, June 1, 2022, after they bought ₦584.00 and sold ₦589.00 on May 1, 2022. This means that the naira has lost ₦16.00 in the last 30 days compared to now.

 

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 600
Selling Rate 605

 

Even though the dollar to naira opened in the parallel market at ₦605 per $1 today, 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.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.

Meanwhile,IDOMA VOICE  reports that the USD started this week at ₦605 in Parallel Market also known as Black Market on Monday, 30 May 2022, in Lagos Nigeria, after it opened at ₦605 last week Monday, 23 May 2022.

 

 

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