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BREAKING: Naira Has Crashed Again At Aboki Black Market, See New Exchange Rate

Exchange Rate, Naira

BREAKING: Naira Has Crashed Again At Aboki Black Market, See New Exchange Rate

The Aboki black market has seen another drop in the Naira, with a new exchange rate forming.

Following a constant exchange rate of N570/$1, the Nigerian national currency, the Naira, has fallen again against the US dollar, exchanging at N587/$1.

On Saturday afternoon, March 26, 2022, Newsone Nigeria conducted a survey at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial capital, and found that the naira to dollar exchanged at N587/$1, failing to maintain the N570 position of 1 dollar to naira that it had held for weeks, months after the USD to naira exchanged for N530/$1.

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

On Saturday afternoon, March 26, 2022, players on the parallel market, often known as the black market, bought a dollar at N581 and sold it for N587, following buying N577 and selling for N584 on Friday, March 25, 2022.

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, according to Newsone 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 those 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 587 for $1 on the parallel market (black market), Newsone reported that 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.

TOUCHAHEART NIGERIA does not set or determine foreign exchange rates. The official NAFEX rates can be seen on the FMDQOTC’s website. Various sources, including internet media outlets, are used to get parallel market (black market) pricing. The rates at which you purchase or sell FX may differ from those described in this article.

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