Naira Crashes At Black Market, See Latest Exchange Rate

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Naira
Naira Crashes To Dollars Again

Naira has crashed further at the black market with a new exchange rate emerging, Brand Spur Nigeria reports.

The Nigerian official currency, Naira has fallen against dollar for the second time in February 2022 the second month of the new year, after maintaining N570/per $1 at the black market since January 20, 2022.

This online news platform understands that the naira has fallen against the United States dollar at the black market for the second time since the start of the second month of the year 2022, exchanging at N572/per $1, days after it maintained a position of N570 per dollar to naira.

A survey conducted by Newsonline Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Tuesday morning, February 8, 2022, shows that the naira to usd exchanged at N572/$1, falling from the N570 position of 1 dollars to naira it held since January 20, 2022, months after USD to naira exchanged for N530/$1.

The local currency opened at N572.00 per $1 at the parallel market otherwise known as the black market on Tuesday, 8 February 2022, in Lagos Nigeria after it closed N571.00 per $1 on Monday morning, February 7, 2022.

Naira Crashes At Black Market, See Latest Exchange Rate

Even though the dollar to naira opened in the parallel market at ₦572 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.

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Brand Spur Nigeria reports that at the black market, the players bought a dollar for N567 and sold for N571 on Wednesday morning, February 9, 2022, after they bought N566 and sold for N571 on Tuesday morning, February 8, 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 weeks 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 ₦415.42 per dollar, but later closed at ₦416.50 per $1 the same day, representing a change of 0.04%.

Meanwhile, Brand Spur Nigeria reports that the USD started this week at ₦571 in Parallel Market also known as Black Market on Monday, February 7, 2022 in Lagos Nigeria, after it opened at ₦570 last week Monday, January 31, 2022.

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.