Newsone Nigeria reports that this came 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.
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 today as the Naira trades at N545/$1 at the black market as against the N530/$1 it traded last week. This shows that the Naira lost N15 between last week Monday and today.
Even though the dollar to naira opened at the parallel market at ₦545per $1 today, 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.
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 (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.