Naira Drops To All-Time Low Against Dollar, See New Exchange Rate

Naira has dropped to all-time low against dollar.

Newsone reports that Nigeria’s currency, Naira, extended its decline on Monday, September 27, sliding to an all-time low of N580 against the United States dollar at the parallel market otherwise known as the black market.

This online news platform understands that the massive drop of the Naira in the black market on Monday, is coming a week and a few days after the Central Bank of Nigeria (CBN) accused abokiFX of being responsible for the sliding of naira against dollar at the parallel market (black market).

Newsone reports that AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. 

At the time AbokiFX was accused of being responsible for the slide of the Naira against dollar at the parallel market (black market), Newsone Nigeria reports that the dollar to naira exchange rate was N570 per $1 at the black market.

Newsone reports that the naira exchanged to the dollar at 580 on Monday after it closed with the same rate on Friday, September 24, while the Pound Sterling traded for 780 at the black market.

This online news platform understands that Bureau de Change (BDC) operators bought and sold the naira to dollar at 575 and 580, while the Pound Sterling was bought and sold at 775 and 780.

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However, at the I&E forex window, the naira appreciated a bit to 413.30 on Monday, September 27, 2021, according to the data posted on Monday on the FMDQ Security Exchange where forex is officially traded after reached a high of 415.20 to close at 414.90 on Friday, September 24.

Meanwhile, Newsone reports that the official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, www.naijabdcs.com, used for the publication of exchange rates of the naira to other currencies, followed www.abokifx.com as it stopped publication of rates.