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BREAKING: Naira Gains As Dollar Falls At Black Market, See New Exchange Rate
Naira has gained with the US dollar falling at the black market.
Newsone reports that Nigeria’s official currency, Naira has launched a sustained recovery at the parallel market otherwise known as the black market, gaining N7 since it fell to N565/$1 on Monday, November 22, 2021.
READ ALSO: Black Market Dollar To Naira Exchange Rate Today 28th November 2021
This online news platform understands that survey at the Bureau De Change (BDC) market in Ogba area of Lagos at on Thursday, November 25, 2021, showed that the Naira exchanged for N558/$1 as against the N560/$1 it traded on Monday.
READ ALSO: Latest Dollar To Naira Exchange Rate Today Sunday 28th November 2021
On July 27, 201, the Central Bank of Nigeria (CBN) 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.
READ ALSO: Latest Dollar To Naira Exchange Rate Today Saturday 27th November 2021
Analysts had reacted differently to this as some supported the move while others said otherwise.
READ ALSO: Latest Npower News For Today Saturday 27th November 2021
Newsone Nigeria reports that CBN has also insisted that the rate in the unrecognised parallel market was not the reference rate of the Naira, adding that the true value of the currency was quoted at the Import and Export (I&E) trading window and as of November 10, the Naira traded at N414.73/$1.
On Thursday, November 25, the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦413.58 per dollar on Thursday, 25 November 2021, after it closed at ₦413.58 per $1 on Wednesday, 24 November 2021. This represents a change of -0.06%.
Similarly, Newsone Nigeria reports that at the black market, the players bought a dollar for N555 and sold for N565 on Thursday morning, November 25, 2021 after they bought N550 and sold for N565 on Wednesday, 24 November 2021.
Meanwhile, Newsone Nigeria reports that the USD started this week at ₦564 in Parallel Market also known as Black Market on Monday, November 22, 2021 in Lagos Nigeria, after it opened at ₦541 last week Monday, November 15, 2021.
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.
