At Black Market, Naira Begins June 2022 With A Free Fall Against Dollar

At Black Market, Naira Begins June 2022 With A Free Fall Against Dollar

On Wednesday, June 1, 2022, the Nigerian official currency, Naira crashed at the parallel market, also known as the black market, trading at 605 per dollar, with Bureau De Change (BDC) operators buying at 600 per dollar and selling at 605/$1 as at 3:15 pm in the Lagos market, as observed by a source who visited the market on Wednesday afternoon.

IMPORTANT NOTE: The exchange rate fluctuates hourly, depending on the amount of dollars available and the Demands. What this means is that you can purchase or sell a dollar for 605 dollars, and the price can fluctuate (high or low) in hours.

While BDC operators, also known as Abokis in the parallel market (black market), bought a dollar at 600 per dollar and sold at 605 per dollar on Wednesday afternoon, 1st June 2022, at official market, the exchange rate between the Naira and the US dollar opened at 415.5347 on Wednesday afternoon after closing at 415.161 the previous day, Tuesday, 31st May 2022, according to data from the official forex market.

How much is exchange rate of Dollar to Naira in Black Market today?: Lagos parallel market (black market dollar rate today)

On Wednesday afternoon, June 1, 2022, players buy a dollar for 600.00 and sell it for 605.00 on the black market, after buying 584.00 and selling 589.00 on May 1, 2022. In comparison to now, the naira has lost 16.00 in the last 30 days.

Although the dollar to naira exchange rate opened in the parallel market at 605 for $1 today, the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market. As a result, anyone in need of currency should contact their bank, with the I&E window being the only known exchange, according to the apex bank.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognize any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.

Meanwhile, Touchaheart Nigeria reported that the USD opened this week at 605 in Lagos Nigeria’s Parallel Market, popularly known as the Black Market, on Monday, May 30th, 2022, after opening at 605 last week on Monday, May 23rd, 2022.

Touchaheart Nigeria’s investigations demonstrate market instability, since prices fluctuate unpredictably, making it unreliable.

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.