Naira has crashed massively against dollar at the black market.
Newsone reports that the Nigerian official currency, Naira has crashed massively against dollar weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.
This online news platform understands that survey at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Tuesday evening, November 23, 2021, showed that the Naira exchanged at N565/$1, two weeks after it exchanged for N530/$1.
While the speculators were hoping to see a further crash of the dollar following the steady rise of the Naira last week, the reverse is the case as the Naira trades at N565/$1 at the black market as against the N530/$1 it traded two weeks ago. This shows that the Naira lost N35 between November 15 when it traded N530/$1 and now.
A week before, last Monday to be precise, Newsone reports that the naira traded at N540/$1 with the Bureau De Change (BDC) operators buying at N535/$1 and selling at N540 however, the reverse is the case this week as it opened at N564/$1.
This week Monday, Newsone Nigeria reports that the players at black market, bought a dollar for N550 and sold for N560 after they bought N537 and sold for N541 at the last week Monday, November 15.
On Tuesday, November 24, the naira fell further as it traded N565/$1 at the parallel market with the BDC operators buying at N550/$1 and selling N565/$1. This shows that the naira lost N1 as against the previous day.
Meanwhile, Newsone Nigeria reports that the new dollar to naira exchange rate today 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.
Even though the dollar to naira exchanged at ₦565 per $1 at the parallel market (black market), Newsone 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.