BREAKING: Naira Falls Massively At Aboki Black Market, See New Exchange Rate

BREAKING: Naira Falls Massively At Aboki Black Market, See New Exchange Rate

The Naira has plummeted in value at the Aboki Black Market, as seen by the new exchange rate

With a new exchange rate, the Naira has plummeted on the Aboki underground market.

Following a constant exchange rate of N570/$1, the Nigerian national currency, the Naira, has declined against the US dollar, exchanging at N580/$1.

A poll was performed in the Bureau De Change (BDC) market in Lagos’ Ogba neighborhood.

Nigeria’s commercial city revealed that the naira to usd exchanged at N580/$1 on Wednesday evening, March 16, 2022, failing to sustain the N570 position of 1 dollar to naira it had held for more than eight days, months after the usd to naira exchanged for N530/$1.

Naira to dollar falls at Aboki black market (parallel market)

On Wednesday morning, March 16, 2022, traders on the parallel market, often known as the black market, bought a dollar at N575 and sold it for N580, after buying N565 and selling for N570 earlier in the week.

The naira to dollar and dollar to naira exchange rates on Wednesday revealed that the Nigerian national currency, the Naira, has slipped against the US dollar months after a steady rise that saw it gain almost N25 since it sank to its lowest level of N575 to a dollar on September 20, 2021.

Meanwhile, Touchaheart Nigeria, this comes months after the Central Bank of Nigeria (CBN) halted foreign exchange (forex) sales to BDC operators on July 27, 2021, and advised all people with a real need for forex to go 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 580 for $1 on the parallel market (black market), Touchaheart reports that the Central Bank of Nigeria (CBN) does not recognize the parallel 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.

Disclaimer: TOUCHAHEART 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.