BREAKING: Naira Starts June 2022 On Free Fall Against Dollar At Black Market

Naira started in June 2022 on a free fall against the dollar on the black market.

Newsone reports that the Nigerian official currency, the Naira crashed at the parallel market also known as the black market on Wednesday, June 1, 2022, trading at ₦605 per a dollar with Bureau De Change (BDC) operators buying at ₦600 per a dollar and selling at ₦605/$1 as at 3:15 pm in the Lagos market as monitored by Newsone Nigeria reporters who visited the market on Wednesday afternoon.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is can buy or sell 1 dollar at ₦605 and the price can change (high or low ) within hours.

Newsone reports that while BDC operators popularly known as Abokis in the parallel market (black market), bought a dollar at ₦600 per a dollar and sold at ₦605 per a dollar on Wednesday afternoon, 1st June 2022, at the official market, the exchange rate between the Naira and the US dollar according to the data from the official forex market, showed that the naira opened at ₦415.5347 on Wednesday afternoon after closing ₦415.161 the previous day, Tuesday, 31st May 2022.

Tuesday 31 May 20221 USD = 415.161 NGN
Monday 30 May 20221 USD = 415.0555 NGN
Sunday 29 May 20221 USD = 414.9532 NGN
Saturday 28 May 20221 USD = 415.2237 NGN
Friday 27 May 20221 USD = 415.2317 NGN
Thursday 26 May 20221 USD = 415.2281 NGN
Wednesday 25 May 20221 USD = 415.1011 NGN

How much is exchange rate of Dollar to Naira in Black Market today?: Lagos parallel market (black market dollar exchange rate today)

Newsone Nigeria reports that on the black market, the players buy a dollar for ₦600.00 and sell for ₦605.00 on Wednesday afternoon, June 1, 2022, after they bought ₦584.00 and sold ₦589.00 on May 1, 2022. This means that the naira has lost ₦16.00 in the last 30 days compared to now.

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate600
Selling Rate605

Even though the dollar to naira opened in the parallel market at ₦605 per $1 todayNewsone 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.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.

Meanwhile, Newsone Nigeria reports that the USD started this week at ₦605 in Parallel Market also known as Black Market on Monday,  30 May 2022, in Lagos Nigeria, after it opened at ₦605 last week Monday, 23 May 2022.

Checks by Newsone Nigeria reveal uncertainty in the market as prices move up and down in a directionless manner, thereby making it unreliable.

DisclaimerNEWSONE 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.