BREAKING: Dollar Rises Against Naira After ‘Major Fall’ At Black Market

BREAKING: Dollar Rises Against Naira After ‘Major Fall’ At Black Market

 

After a “significant collapse” on the black market, the dollar has gained against the naira.

 

The US dollar gained on Friday evening, November 12, 2021, as the dollar completed the day at 540 with a gain of 10 at the parallel market, commonly known as the black market, after a “dramatic collapse,” according to.iexclusive News Nigeria.

 

On Friday evening, November 12, 2021, this online news agency learned that the US official currency, the $, increased on the parallel market, also known as the black market.

In the Lagos market, iexclusive News Nigeria correspondents observed trading at 540 per dollar, with Bureau De Change (BDC) operators purchasing for 535 per dollar.

 

The dollar to naira exchange rate which saw BDC operators buying at ₦535 and selling ₦540 in the Lagos market on Friday, was against the ₦525 and ₦530 per dollar they bought and sold at the Lagos market Friday morning.

“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,” CBN Governor Godwin Emefiele had said in September, 2021.

 

“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.”