BREAKING: Naira Falls Massively At Black Market, As Exchange Rate Hits N590/$1

Naira has fallen massively at the black market with the exchange rate hitting N590/$1.

Newsone reports that the lingering foreign exchange scarcity in Nigeria, West Africa, has continued to worsen even as the dollar to naira exchange rate on the parallel market better known as the black market is inching towards N590/$1.

This online news platform understands the current naira to USD exchange rate may lead to massive job loss in the manufacturing industry, among other sectors, according to the Manufacturers Association of Nigeria (MAN).

Newsone Nigeria reports that the dollar to naira exchange rate is coming eight months after the Central Bank of Nigeria (CBN) stopped the sale of forex to Bureau de Change operators (BDC) and promised to boost liquidity in commercial banks.

Checks on Tuesday, March 22, 2022, showed that the exchange rate of $1 dollar to naira today black market, stood at N585/$1 for the aboki dollar rate (black market) and N785/£1 at the black market as against the N582/$1 of 1 dollar to naira it sold last Friday.

The exchange rate of dollar to naira and naira to dollar is coming just as banks have also limited customers’ access to forex, placing a cap of $20 per month for online transactions.

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Things may worsen even further as electioneering intensifies, Insiders told The PUNCH adding that politicians had begun to mop up dollars, driving up the demand.

“The naira will keep falling because those who need dollars cannot get it and they will patronise the parallel market, increasing demand. It is also one of the fallouts of an election year.

“We are not earning as much FX and we will spend more financing on petrol subsidy. Ultimately, there will be a wider gap between the import and export window and the parallel market,” a government official, who craved anonymity, told PUNCH.