Connect with us

Headlines

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

Published

on

BREAKING: Naira Gains Massively As Dollar Crashes At Black Market

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.

Advertisements

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.

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.

Advertisements

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.

Disclaimer: NEWSONE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel 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.

Facebook Comments

Philips Sunday is a Journalist and SEO Expert with a demonstrated history of working in the media production industry. He has degrees in Mass Communication/Media Studies.Connect with him on Facebook, Instagram and LinkedIn.