BREAKING: Naira Drops Massively At Black Market After Gain On Christmas Day

BREAKING: Naira Drops Massively At Black Market After Gain On Christmas Day

iexclusive News Nigeria reports that according to survey conducted at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, Wednesday evening, December 29, 2021.

Showed that the naira to usd exchanged at N565/$1, losing N10 from the N555 position of 1 dollars to naira it exchanged on Christmas Day, this is a further slide of the naira compared to when usd to naira exchanged for N530/$1 on November 11, 2021.

Naira to dollar falls at Black market (parallel market)

The exchange rate between the naira to dollar on Wednesday evening, December 29, showed that the Nigerian official currency, Naira has lost against the United States dollar days after it had a massive rise which saw it exchanging at N555 per dollar on Christmas Day, Saturday, December 25, 2021.

The local currency opened at N565.00 per $1 at the parallel market otherwise known as the black market, on Wednesday, 29 December 2021, in Lagos Nigeria after it closed N555.00 per $1 on Christmas Day, 25 December 2021.

iexclusive News Nigeria reports that at the black market on Wednesday evening, the players bought a dollar for N560 and sold for N565 after they bought N550 and sold for N555 on Christmas Day, 25 December 2021, dashing the hopes of speculators who had predicted a rise of the Nigerian currency.

However iexclusive News Nigeria reports that this is coming months after the Central Bank of Nigeria (CBN) had on July 27, 2021, suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks.

The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20

Although the dollar to naira opened in the parallel market at ₦565 per $1 today, iexclusivenews 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.