Black Market Rate Today– Nigeria’s Naira has lost its fortress against the US dollar going by the black market rate today, Naira falls to as low as N560/$1 from N545/$1 that it had maintained in almost two weeks.
This was made known according to information obtained from BDC operators trading at the parallel market, also known as the black market in Lagos and Abuja.
Brand News Day Nigeria understands that following the recent hike in forex liquidity at the official window, the local currency had increased by over 600 basis points to 535 /$1 (naira to the dollar) at the black market at the beginning of November. Meanwhile, it has begun to turn upsides, in spite of the massive intervention at the official market.
READ: Black Market Dollar To Naira Exchange Rate Today 23rd November 2021
Similarly, Nigeria’s foreign reserve has continued to witness a marginal decline day-in-day-out, following the successful $4 billion Eurobond issue by the federal government in September.
The influx, which pushed the nation’s reserve above $41 billion had provided additional firepower to intervene in the foreign exchange market. However, the recent decrease in the reserve level can be linked to CBN’s interventions in the official market.
Recall that the Central Bank of Nigeria has topped the number of greenbacks it sells to overseas investors to reduce a backlog of dollar demand that has been in place since crude oil prices fell last year, during the Covid-19 pandemic.
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