BREAKING: Naira Starts February Strong At Black Market, See New Exchange Rate

Naira has started February strong at the black market.

Newsone reports that the Nigerian official currency, Naira showed strength at the black market on Tuesday morning, February 1, 2022, gaining N10 against the British pounds to exchange rate for N745/£1 as against the N755/£1 it traded for days.

Newsone reports that the local currency opened at ₦745 per £1 at the parallel market otherwise known as the black market, today, Tuesday, 1st February 2022, in Lagos Nigeria, after it closed at ₦755.00 on Monday, 31st January 2022. This represents a change of N10 from the previous day.

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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 ₦740 and sell for ₦745 on Tuesday morning, February 1, 2022, after they bought ₦750 and sold for ₦755 on Monday, 31st January 2022.

This online news platform understands that the naira has also shown strength against euro at the black market, starting February on a brighter note, exchanging at N525/per €1, gaining N20 after euro-naira exchanged at N545 per euro for days.

Newsone reports that the local currency opened at ₦625 per €1 at the parallel market otherwise known as the black market, today, Tuesday, 1st February 2022, in Lagos Nigeria, after it closed at ₦645.00 per €1 on Monday, 31st January 2022. This represents a change of N20 from the previous day.

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 ₦620 and sell for ₦625 on Tuesday morning, February 1, 2022, after they bought ₦640 and sold for ₦645 on Monday, 31st January 2022.

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Though Naira has shown strength at the black market against pounds and euro, it has, however, maintained position against dollar, opening February with N570 against one dollar, the exchange rate it has traded for several days.

Newsone Nigeria reports that at the black market, the players buy a dollar for N565 and sell for N570 on Tuesday morning, February 1, 2022 after they bought N565 and sold for N570 on Monday morning, January 31, 2022.

Even though the dollar to naira opened in the parallel market at ₦570 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.

CBN Governor, Godwin Emefiele.

Meanwhile, Newsone Nigeria reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, January 31, 2022 in Lagos Nigeria, same amount it opened at last week Monday, January 24, 2022.

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.