BREAKING: Naira Falls To All-Time Low Against Dollar At Aboki Black Market

Naira has fallen to an all-time low against the dollar at Aboki black market.

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Newsone reports that the Nigerian official currency, Naira has fallen to an all-time low against the United States dollar exchanging at N585/$1, days after the suspension of individual card withdrawals abroad by commercial banks.

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A survey conducted by Newsone Nigeria at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, on Monday, March 21, 2022, showed that the naira to usd exchanged at N585/$1, failing to maintain the N570 position of 1 dollars to naira it stood for days, months after usd to naira exchanged for N530/$1.

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

Newsone Nigeria reports that the players at the parallel market better known as the black market bought a dollar at N580 and sold for N585 on Monday morning, March 21, 2022, after they bought N575 and sold for N580 last week.

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 to its lowest rate months after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 at then 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 ₦585 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.