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BREAKING: Exchange Rate Hits N590/$1, As Naira Falls Massively At Black Market

Naira, Exchange Rate

BREAKING: Exchange Rate Hits N590/$1, As Naira Falls Massively At Black Market

The black market value of the naira has plummeted, with the exchange rate reaching N590/$1.

Even as the dollar to naira exchange rate on the parallel market, sometimes known as the black market, is creeping closer to N590/$1, the ongoing foreign exchange scarcity in Nigeria, West Africa, has worsened.

According to the Manufacturers Association of Nigeria, the present naira-to-dollar exchange rate may result in enormous job losses in the manufacturing industry, among other sectors (MAN).

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The dollar to naira conversion rate comes eight months after the Central Bank of Nigeria (CBN) ceased selling foreign currency to Bureau de Change (BDC) and promised to increase liquidity in commercial banks.

Checks on Tuesday, March 22, 2022, revealed that the black market exchange rate of $1 to naira was N585/$1 for the aboki dollar rate (black market) and N785/£1 for the black market, as opposed to N582/$1 for 1 dollar to naira on the open market.

Read More: Latest Dollar To Naira Exchange Rate Today March, 23rd 2022

It was sold on Friday.

The adjustment in the dollar-to-naira and naira-to-dollar exchange rates comes as banks restrict customers’ access to currency by setting a monthly limit of $20 for online transactions.

Insiders warned The PUNCH that things may deteriorate considerably further as electioneering begins, and that politicians have begun to scoop up funds, driving up demand.

“The naira will continue to weaken because people who require dollars would turn to the secondary market, increasing demand.” It’s also one of the unintended consequences of an election year.

“We are not earning as much FX and we will spend more financing on petrol subsidy. Ultimately, there will be a wider gap between the import and export window and the parallel market,” a government official, who craved anonymity, told PUNCH.

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