BREAKING: Naira Maintains Position Against Dollar At Parallel Market

Naira has maintained its position against dollar at the parallel market.

Newsone reports that the Nigerian official currency, Naira has maintained its position against dollar weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

A survey conducted by Newsone Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Monday morning, December 6, 2021, showed that the naira to usd exchanged at N565/$1, maintaining that position of 1 dollars to naira for more than seven days weeks after usd to naira exchanged for N530/$1.

While  speculators were hoping to see a further crash of dollars to naira following the steady rise of the Naira weeks ago, the reverse is the case as the naira trades at N565/$1 at the parallel market otherwise known as the black market as against the N530/$1 it traded weeks ago. This shows that the Naira lost N30 between November 11 when dollar naira traded N535/$1 and today, December 6th that naira to dollar opened at N565/$1.

Naira to dollar maintains same position at parallel market (black market) for more than 7 days

Newsone Nigeria reports that the players at  parallel market better known as black market, bought a dollar at N560 and sold for N565 on Monday morning, December 6, 2021 after they bought N560 and sold for N565 at last week, Friday, December 3.

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.

CBN Governor, Godwin Emefiele.

Even though the dollar to naira opened at the parallel market (black market) at ₦565 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.