Business & Economy

BREAKING: Naira Falls Massively At Black Market Weeks After Stable Exchange Rate

The Nigerian official currency, Naira has fallen massively again at the parallel market also known as the black market after a long week of the steady Dollar to Naira exchange rate.

Brand News Day Nigeria reports that Nigeria’s Naira has hit another fall against the United States dollar with the exchange rate at N572/$1, weeks after a stable exchange rate of N565/$1.

According to a survey conducted by Brand News Day Nigeria at the Bureau De Change (BDC) market at the Lagos Island area of Lagos, Nigeria’s commercial city, on Sunday evening, December 12, 2021, showed that the naira to USD exchanged at N572/$1, failing to maintain the N565 position of 1 dollar to naira it stood for more than eight days weeks after USD to naira exchanged for N530/$1.

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Naira Falls Massively At Parallel (Black) Market After weeks of Stable Exchange Rate

Brand News Day Nigeria gathers that the BDC operators at the black market, bought a dollar at N567 and sold for N572 on Sunday evening, December 12, 2021, after they bought N560 and sold for N565 last week, Monday, December 6.

The exchange rate between the naira to dollar and dollar to naira on Sunday showed that the Nigerian official currency, Naira has fallen against the United States dollar weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

Meanwhile, BrandNewsDay reports that this is coming months after the Central Bank of Nigeria (CBN) had on July 27, 2021, suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks. The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20.

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Notably, the Dollar to Naira exchanging at ₦572 per $1, in spite of that the Central Bank of Nigeria (CBN) keenly opposing the parallel market, otherwise known as the black market. Thus the CBN, therefore, directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

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