BREAKING: Naira Falls Massively At Black Market Since Begining Of 2022

Naira has fallen massively to the lowest at the black market since the begining of 2022.

iexclusive News Nigeria reports that the Nigerian official currency, Naira has fallen against the United States dollar to exchange rate at N575/per $1 at the parallel market popularly known as the black market, the lowest since the beginiang of 2022.

This online news outlet gathered that the naira has fallen against the United States dollar at the black market to the lowest since the start of the year 2022, exchanging at N575/per $1, days after it maintained position of N570 per dollar to naira.

How Naira Crashed At The Black Market

According to a iexclusivenews survey conducted on Friday afternoon, February 11, 2022, at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, the naira to usd exchanged at N575/$1, falling from the N570 position of 1 dollar to naira it held since January 20, 2022, months after usd to naira exchanged for N530/$1.

The local currency opened at N575.00 per $1 at the parallel market otherwise known as the black market on Friday, 11 February 2022, in Lagos Nigeria after it closed N571.00 per $1 on Thursday, February 10, 2022.

Even though the dollar to naira opened in the parallel market at ₦575 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.

iexclusive News Nigeria reports that at the black market, the players bought a dollar for N570 and sold for N575 on Friday, February 11, 2022 after they bought N568 and sold for N572 on Thursday morning, February 10, 2022.

Though the naira has fallen at the black market, it, however, showed strength at the official market, gaining more than N1, 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 ₦415.77 per dollar, but later closed at ₦416.67 per $1 the same day, representing a change of 0.16%.

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: IEXCLUSIVENEWS 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.