BREAKING: Naira Massive Fall Continues As Dollar, Euro, Pounds Gain

Naira massive fall has continued with dollar, euro and pounds gaining.

Newsone reports that the Nigerian official currency, Naira has continued its massive fall against dollar, euro and pounds, weeks after maintaining a steady position at the parallel market better known as the black market.

This online news platform understands that while the naira has fallen against Pounds and Euro, it however, maintained the position it against the United States dollar, closing the week at N575/$1 at the black market also known as the parallel market.

A survey conducted by Newsone Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Sunday evening, February 20, 2022, shows that the naira to usd exchanged at N575/$1, while pounds to naira exchanged at N765/£1 and euro to naira exchanged at N645/1€ in what is a massive fall of the naira against pounds and euro.

Sunday, February 20, 2022 black exchange rates:

1 dollar to naira = N575/$1

1 pound to naira = N645/1€

1 euro to naira = N765/£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 ₦760 and sell for ₦765 on Sunday evening, February 20, 2022, after they bought ₦755 and sold for ₦760 last week. This represents a change of N5 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 ₦640 and sell for ₦645 on Sunday evening, February 20, 2022, after they bought ₦635 and sold for ₦640 last week. This represents a change of N5 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 Sunday evening, February 20, 2022 after they bought N565 and sold for N570 last week.

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.