Naira Falls Massively At Black Market Against Dollar

Naira Falls Massively At Black Market Against Dollar

On the black market, the naira has plummeted against the dollar.

Touchaheart Nigeria reports the Nigerian official currency, the Naira, has plummeted in recent weeks following a steady ascent that saw it gain nearly N25 since it hit a low of N575 to a dollar on September 20, 2021.

This online news portal understands that on Sunday evening, November 21, 2021, a survey at the Bureau De Change (BDC) market in Ogba, Lagos, Nigeria’s commercial capital, revealed that the Naira swapped at N560/$1, two weeks after it exchanged for N530/$1.

Speculators had hoped for a further drop in the dollar following the steady increase of the Naira last week, but the opposite has happened, with the Naira trading at N560/$1 on the black market, down from N530/$1 last week. This indicates that the Naira has lost N30 from November 15th.

Touchaheart Nigeria reports that gamers on the underground market bought a dollar for N547 and sold it for N560 on Sunday evening, November 21, 2021, after buying N537 and selling for N541 earlier in the week.

Touchaheart Nigeria reports that this comes months after the Central Bank of Nigeria (CBN) banned foreign exchange (forex) sales to BDC operators on July 27, 2021, and instructed all people with a real need for forex to return to banks. The naira depreciated by N85 against the dollar in less than two months, from N490 to N575 per dollar on September 20.

Despite the fact that the dollar to naira exchange rate opened at 560 for $1 on the parallel market (black market), the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market).

As a result, anyone in need of currency should contact their bank, with the I&E window being the sole known exchange, according to the apex bank.