Naira has gained after massive fall against dollar at the black market.
Newsone reports that the Nigerian official currency, Naira has gained against the United States dollar, exchanging at N570/$1 after opening the week at N572 per dollar.
A survey conducted by Newsone Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Thursday evening, December 16, 2021, showed that the naira to usd exchanged at N570/$1, gaining N2 from the N572 position of 1 dollars to naira it started the week with though still poor compared to when usd to naira exchanged for N530/$1.
Naira to dollar gains at Black market (parallel market)
The exchange rate between the naira to dollar and dollar to naira on Thursday evening, December 16, showed that the Nigerian official currency, Naira has gained against the United States dollar days after it opened the week on the rise which saw it exchanging at N572 per dollar on Monday, December 13, 2021.
Newsone Nigeria reports that at the black market, the players buy a dollar for N565 and sell for N570 on Thursday morning, December 15, 2021 after they bought N567 and sold for N572 on Wednesday morning, December 14, 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 in the parallel market at ₦570 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.