Naira Experiences Major Fall At Black Market First Time In 2022

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Naira
Naira Crashes To Dollars Again

Naira has experienced a major fall at Black Market first time in 2022 with a new exchange rate emerging.

Brand Spur Nigeria reports that the Naira has fallen against dollar four days after maintaining N560/per $1 at the black market since the beginning of the year.

Naira has shown fallen against the United States dollar at the black market since the start of the new year 2022, exchanging at N565/per $1, failing to maintain N560 per dollar to naira position it stood since Saturday, 1st January 2022.

A survey conducted at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Wednesday evening, January 5, 2022, shows that the naira to usd exchanged at N565/$1, failing to maintain N560 position of 1 dollars to naira it held for four days now, weeks after usd to naira exchanged for N530/$1.

Naira Experiences Major Fall At Black Market First Time In 2022

The local currency opened at N565.00 per $1 at the parallel market otherwise known as the black market on Wednesday, 5 January 2022, in Lagos Nigeria after it closed N560.00 per $1 on Tuesday, 4 January 2022.

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 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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Brand Spur Nigeria reports that at the black market, the players bought a dollar for N560 and sold for N565 on Wednesday morning, January 5, 2022 after they bought N555 and sold for N560 on Tuesday morning, January 4, 2022.

Though the naira has fallen at the black market, it, however, showed strength at the official market, gaining more than N7 naira on Wednesday, January 5, 2022, 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 ₦423.56 per dollar on Wednesday, 5 January 2021, but later closed at ₦416.00 per $1 the same day, representing a change of-1.58% or gain of N7.56.

Meanwhile, Brand Spur Nigeria reports that the USD started this week at ₦560 in Parallel Market also known as Black Market on Monday, January 3, 2022 in Lagos Nigeria, after it opened at ₦555 last week Monday, December 27, 2021.

Disclaimer: Brand Spur Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.