BREAKING: Naira Falls To Lowest At Parallel Market As Euro, Pounds Soar

Naira has fallen to lowest in 2022 at the parallel market with euro and pounds soaring.

Newsone reports that the Nigerian official currency, Naira on Wednesday, February 16, 2022, fell massively against the British Pounds and Euro, weeks after maintaining same position at the parallel market better known as the black market late January 2022.

This online news platform understands that while the naira has fallen against Pounds and Euro, it however, maintained the position it closed last week against the United States dollar at the black market.

A survey conducted by Newsone Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Wednesday morning, February 16, 2022, shows that the naira to usd exchanged at N575/$1, while pounds to naira exchanged at N760/£1 and euro to naira exchanged at N640/1€ in what is a massive fall of the naira against pounds and euro.

Wednesday, February 16, 2022 black exchange rates:

1 dollar to naira = N575/$1

1 pound to naira = N640/1€

1 euro to naira = N760/£1 

I want to sell pounds and I want to buy pounds: I want to change naira to pounds how much is it?

Newsone reports that in the black market, the players buy pounds for ₦755 and sell for ₦760 on Wedneday morning, February 16, 2022, after they bought ₦735 and sold for ₦740 last week. This represents a change of N20 from last week.

I want to sell euro and I want to buy euro: I want to change naira to euro how much is it?

Newsone reports that in the black market, the players buy euro for ₦635 and sell for ₦640 on Wednesday morning, February 16, 2022, after they bought ₦625 and sold for ₦630 last week. This represents a change of N10 from last week.

I want to sell dollar and I want to buy dollar: I want to change naira to dollar how much is it?

Newsone Nigeria reports that at the black market, the players buy a dollar for N570 and sell for N575 on Wednesday morning, February 16, 2022 after they bought N570 and sold for N575 on Tuesday, 15 February 2022.

Even though the dollar to naira opened in the parallel market at ₦575 per $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.

Meanwhile, Newsone Nigeria reports that the USD started this week at ₦575 in Parallel Market also known as Black Market on Monday, February 14, 2022 in Lagos Nigeria, after it opened at 571 last week Monday, February 7, 2022. A change of N0.