This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)
Naira Falls Massively At Black Market, See New Foreign Exchange Rate To Naira
Brand News Day Nigeria reports that the Nigerian official currency, Naira on Monday, January 24, 2022, fell massively against the British Pounds and Euro, days after maintaining the same position at the parallel market better known as the black market.
This online news platform understands that while the naira has fallen against Pounds and Euro, it, however, maintained the position it closed last week against the United States dollar at the black market.
Black Market Euro To Naira Exchange Rate Today Monday, January 24, 2022
Black Market Euro To Naira Exchange Rate Today Monday, January 24, 2022
A survey conducted by BrandNewsDay at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Monday morning, January 24, 2022, shows that the naira to USD exchanged at N570/$1, while pounds to naira exchanged at N755/£1 and euro to naira exchanged at N645/1€ in what is a massive fall of the naira against pounds and euro.
1 dollar to naira = N570/$1
£1 to naira – 1 euro to naira = N645/1€
1 pound to naira = N755/£1
Brand News Day Nigeria reports that in the black market, the players buy pounds for ₦750 and sell for ₦755 on Monday morning, January 24, 2022, after they bought ₦730 and sold for ₦735 on Sunday, January 23. This represents a change of N20 from last week, after they bought ₦630 and sold for ₦635 on Sunday morning, January 23. This represents a change of N10 from last week.
BrandNewsDay reports that at the black market, the players buy a dollar for N565 and sell for N570 on Monday morning, January 24, 2022, after they bought N565 and sold for N570 on Sunday, 23 January 2022.
Even though the dollar to naira opened in the parallel market at ₦570 per $1 today, BrandNewsDay reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Meanwhile, BrandNewsDay Nigeria reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, January 24, 2022, in Lagos Nigeria, the same amount it opened at last week Monday, January 17, 2022.
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