Naira Starts December With Slide Against Dollar At Parallel Market

Naira Appreciates To N1,650/$ At Parallel Market

Naira has started December with a slide against dollar at parallel market.

According to reports, Nigerian official currency, naira, has crashed against the American official currency, dollar, at the parallel market also known as the black market on Thursday, December 3, trading at ₦565 per dollar with Bureau De Change (BDC) operators buying at ₦560 per a dollar as at 9:15 am in the Lagos market as monitored by Brand Spur Nigeria reporters who visited the market on Thursday morning, December 3, 3021.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦565 and the price can change (high or low ) within hours.

According to Newsone while BDC operators popularly known as Abokis in the parallel market (black market), bought dollar at ₦560 per a dollar and sold at ₦565 per a dollar on Thursday morning, at the official market, 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 ₦413.94 on Thursday morning and closed ₦414.80. This represents a change of -0.06%.

After enjoying a massive rise in November were it traded at N530 per dollar at some point, the naira has plunged to N560 per dollar, quashing the hopes of speculators.

Brand Spur Nigeria reports that while the speculators were hoping to see a further crash of dollars to naira following the steady rise of the Naira late November, the reverse is the case as the naira trades at N565/$1 at the parallel market otherwise known as the black market as against the N557 it traded November 29 and N530/$1 it traded weeks ago.

This shows that the Naira lost N30 between November 11 when dollar naira traded N535/$1 and December 2 that naira to dollar opened at N565/$1.

Even though the dollar to naira opened in the parallel market at ₦565 per $1 today, Brand Spur Nigeria reports that the Central Bank of Nigeria (CBN) does not recognize 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.