Naira Crashes Massively At Black Market, See Today’s Exchange Rate 

The Naira has plummeted on the black market, with a new exchange rate emerging.

iexclusive News Nigeria reports that the Nigerian official currency, Naira has fallen massively against dollar for the second time in February 2022, after maintaining N570/per $1 at the black market since January 20, 2022.

This online news medium gartered 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 position of N570 per dollar to naira.

How Naira Crashed At The Black Market

According to an iexclusive News Nigeria survey conducted at the Bureau De Change (BDC) market in the Ogba area of Lagos, Nigeria’s commercial city, on Tuesday morning, February 8, 2022.

The Naira to Dollar 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.

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

Despite the fact that the dollar to naira exchange rate opened in the parallel market today at 572 per $1.

iexclusivenews reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market.

As a result, the apex bank has directed anyone in need of forex to contact their bank, emphasizing that the I&E window is the only known exchange.

According to iexclusive News Nigeria, the players bought a dollar for N567 and sold it for N571 on Tuesday morning, February 8, 2022, after buying N566 and selling it for N571 on Monday morning, February 7, 2022.

Though the naira has fallen in the black market, it has gained strength in the official market, gaining more than N1 naira since the CBN adjusted the dollar-to-naira exchange rate a few weeks ago.

According to data posted on the FMDQ Security Exchange, where forex is officially traded.

The Naira opened at 415.42 per Dollar, but later closed at 416.50 per $1 the same day, representing a 0.04 percent change.

The USD opened this week at 571 in Lagos Nigeria’s Parallel Market, also known as the Black Market, on Monday, February 7, 2022, after opening at 570 the previous week on Monday, January 31, 2022.

DISCLAIMER: Iexclusive News 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.