BREAKING: Naira Falls Against Dollar In New Week At Aboki Black Market

Naira has fallen again against the dollar in a new week at Aboki black market.

Newsone reports that the Nigerian official currency, Naira has fallen again against the United States dollar exchanging at N587/$1 days after closing last week on dollar to naira exchange rate of N584/$1.

A survey conducted by Newsone Nigeria at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, on Monday morning, March 28, 2022, showed that the naira to usd exchanged at N587/$1, failing to maintain the N584 position of 1 dollars to naira it closed last week Friday, March 25, 2022, with.

This online news platform understands that the new exchange rate today of N587/$1, Monday, March 28, 2022, shows that the naira has lost N3 against the US dollar after closing last week on N584/$1.

Naira to dollar falls again at Aboki black market (parallel market)

Newsone Nigeria reports that at the Aboki black market, the players buy a dollar for N581 and sell for N587 on Monday morning, March 28, 2022, after they bought N579 and sold for N584 on Friday, 25 March 2022.

The exchange rate between the naira to dollar and dollar to naira on Monday showed that the Nigerian official currency, Naira has fallen against the United States dollar months 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.

Meanwhile, Newsone Nigeria reports that this 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 opened at the parallel market (black market) at ₦587 per $1, 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.