BREAKING: Dollar Crashes As Naira Gains Massively At Black Market
The dollar has plummeted, while the Naira has soared on the illicit market.
Touchaheart reports that the US dollar crashes as the Naira began at 560 on Thursday, November 4 in the parallel market, popularly known as the black market, after closing at 568 the day before on Wednesday, November 3.
The official currency of the United States of America, the dollar, crashed at the parallel market, also known as the black market, on Thursday, November 4 trading at 560 per dollar, with Bureau De Change (BDC) operators buying at 557 per dollar as at 9:15 a.m. in the Lagos market, according to Newsone Nigeria correspondent who visited the market on Monday morning.
IMPORTANT NOTE: The exchange rate fluctuates hourly, depending on the amount of dollars available and the Demands. What this means is that you can purchase or sell one dollar for $560, and the price can fluctuate (high or low) in a few of hours. The Naira rose against the US dollar at the official market on Thursday, according to Touchaheart Nigeria, following a small loss at the market sector the previous day on Tuesday, November 2.
According to data from the FMDQ securities exchange windows where forex is officially transacted, the local unit switched hands with the greenback currency at 414.49 per dollar on Thursday, November 4th, 2021, after closing at 414.80 for $1 on Wednesday, November 3rd, 2021.
The currency’s performance on Thursday indicates a 0.18 percent drop from its previous session on Wednesday, when it traded at 414.80.
How much is exchange rate of Dollar to Naira in Black Market today?: Lagos parallel market (black market dollar exchange rate today)
According to Touchaheart, the participants acquired a dollar for N557 on the black market and sold it for N560 on Thursday morning, November 4, 2021, after buying N562 and selling N567 on Wednesday morning, November 3.
Meanwhile, Touchaheart Nigeria reports that today’s dollar-to-naira exchange rate comes after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN), led by Godwin Emefiele, last month to allow the naira to reflect market realities.
The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.
“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.
“For context, the Vice-President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.
“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when sell ing the dollar can bring in 40% profit!
“This was why the Vice-President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.
“It is a well–known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”