Naira has fallen at the black market for the 3rd time in 2022 with new exchange rate emerging.
Bennievibezreports that the Nigerian official currency, Naira has fallen against the dollar for the third time in the new year, five days after it gained for the first time this year after going on a free fall before now.
This online news platform understands that the naira has fallen against the United States dollar at the black market for the third time since the start of the new year 2022, exchanging at N571/per $1, days after it gained for the first time to exchange at N569 per dollar to naira.
A survey conducted by Bennievibez at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Tuesday evening, January 18, 2022, shows that the naira to USD exchanged at N571/$1, falling from the N569 position of 1 dollar to naira it held for 4 days, weeks after USD to naira exchanged for N530/$1.
The local currency opened at N571.00 per $1 at the parallel market otherwise known as the black market on Tuesday, 18 January 2022, in Lagos Nigeria, after it closed N569.00 per $1 on Friday, 14 January 2022.
Even though the dollar to naira opened in the parallel market at ₦571 per $1 today, Newsone reports that the Central Bank of Nigeria (CBN) does not recognize 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.
Bennievibez reports that at the black market, the players bought a dollar for N566 and sold for N571 on Tuesday evening, January 18, 2022, after they bought N564 and sold for N569 on Friday morning, January 14, 2022.
Though the naira has fallen at the black market, it, however, showed strength at the official market, gaining more than N1 naira, from what it traded last week after the CBN adjusted the dollar to the naira exchange rate.
The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦415.25 per dollar, but later closed at ₦416.50 per $1 the same day, representing a change of -0.05% or gain of N1.25.
Meanwhile, Bennievibez reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, January 17, 2022, in Lagos Nigeria, the same amount it opened last week Monday, January 10, 2021.
Disclaimer: Bennievibez does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.