Naira Depreciates Dramatically At Aboki Black Market, See Exchange Rate

Naira Depreciates Dramatically At Aboki Black Market, See Exchange Rate

With a new exchange rate today, the Naira has plummeted in Aboki Black Market.

Touchaheart reports that the naira, Nigeria’s official currency, has plummeted against the US dollar, trading at N587/$1 after a constant exchange rate of N570/$1.

A survey conducted by Touchaheart Nigeria financial experts at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, on Tuesday morning, March 29, 2022, revealed that the naira to US 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 US dollar to naira exchanged for N530/$1.

Touchaheart Nigeria reported that on Tuesday morning, March 29, 2022, players in the parallel market, often known as the black market, bought a dollar for N581 and sold it for N587.

The naira to dollar exchange rate and the dollar to naira exchange rate on Monday revealed that the Nigerian official currency, the naira, has fallen against the US dollar months after a steady rise that saw it gain over N25 since it fell to its lowest level of N575 to a dollar on September 20, 2021.

Meanwhile, Touchaheart Nigeria reports that 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 587 per $1 on the parallel market (black market), Touchaheart reports 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.