A survey conducted by BrandNewsDay at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Monday afternoon, March 21, 2022, showed that the naira to usd exchanged at N585/$1, failing to maintain the N570 position of 1 dollars to naira it stood for more than eight days, months after usd to nairaexchanged for N530/$1.
The exchange rate between the naira to dollar and dollar to naira on Monday showed that the Nigerian official currency, Naira has fallen against the United States dollar months after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2022.
BREAKING: Naira Falls Massively To All-Time-Low At Aboki Black Market, See Latest Exchange Rate
Meanwhile, BrandNewsDay Nigeria 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.
Even though the dollar to naira opened at the parallel market (black market) at ₦580per $1, 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.
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