Breaking: Naira Falls Massively At Black Market Hits N610 To USD

Naira has crashed massively at the parallel market aka black market exchanged for N610 to USD 

iexclusivenews reports that the Nigerian official currency, the Naira fell to N610/$ at the parallel otherwise known as the black market from N565 at the start of the year 2022. This is consistent with an N39 loss YTD.

This online news outlet understands that from N588 per dollar on May 8, to N610. The naira has crashed massively against the USD over the past two weeks

iexclusivenews Nigeria reports that the Nigerian currency now exchanges at N610 to the dollar at the parallel market aka ( black market) for the first time in history.

However, iexclusivenews reports that the naira official rate eventually stabilized at 419.02 at the Investors and Exporters window.

After several dips on Friday, the value of the currency has sunk to greater depths in the parallel market aka (the black market).

According to Aboki Forex, a website that furnishes the Nigerian audience with the exchange rate of foreign currencies at the parallel market, and the black market. The USD sold at N610 on Sunday morning.

Aboki Forex gained prominence shortly after a similar website, Aboki FX got axed by Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), for allegedly manipulating the exchange rate at the parallel market.

iexclusivenews reports that Aboki FX’s shutdown in September 2021 has so far done nothing to stop the naira’s free fall and steep crashing at the parallel market.

According to the critics, Mr. Emefiele’s presidential ambitions in 2023 have caused him to be distracted from his duties as Nigeria’s top banker, and his resignation has been frequently sought.

Over the last two weeks, the naira has continued to lose value against the dollar. According to Aboki Forex, the currency rose from N588 per dollar on May 8 to N610 on Sunday morning.