Naira Falls Massively As Dollar Stays Strong, See New Exchange Rate

Naira has fallen massively with the dollar maintaining a strong position in the black market.

Newsone reports that the Nigerian official currency, the naira has fallen massively against the United States dollar exchanging at N597/$1 weeks after a steady exchange rate of N588/$1.

A survey conducted by Newsonne Nigeria financial experts at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, Tuesday afternoon, May 17, 2022, showed that the naira to usd exchanged at N597/$1, failing to maintain the N580 position of 1 dollar to naira it stood for weeks, months after USD to naira exchanged for N530/$1.

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

Dollar to naira exchange rate for Tuesday, May 17 goes for [N593 to buy and N597 to sell].

Newsone Nigeria reports that the players in the parallel market better known as the black market bought a dollar at N593 and sold for N597 on Tuesday afternoon, May 17, 2022.

The exchange rate between the naira to dollar and dollar to naira on Tuesday afternoon showed that the Nigerian official currency, the naira has fallen against the United States dollar months after a steady rise which saw it gain 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, 2021.

Even though the dollar to naira opened at the parallel market (black market) at ₦597 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.