Naira Falls against dollar 2nd Time in 2022 at Black Market, See New Exchange Rate

The Nigerian official currency, Naira has fallen against the dollar for the second time in the New Year, five days after it fell for the first time this year after maintaining N560/per $1 at the black market since the beginning of the year.

The naira has fallen against the United States dollar at the black market for the second time since the start of the new year 2022, exchanging at N570/per $1, days after it fell for the first time to exchange at N565 per dollar to naira.

A survey conducted at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Monday evening, January 10, 2022, shows that the naira to USD exchanged at N570/$1, falling from the N565 position of 1 dollar to naira it held on January 5, 2022, weeks after USD to naira exchanged for N530/$1.

The local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market on Monday, 10 January 2022, in Lagos Nigeria, after it closed N567.00 per $1 on Sunday, 9 January 2022.

Even though the dollar to naira opened in the parallel market at ₦565 per $1 today, 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.

In the black market, the players bought a dollar for N564 and sold for N570 on Monday morning, January 10, 2022, after they bought N562 and sold for N567 on Sunday morning, January 9, 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 ₦417.25 per dollar, but later closed at ₦416.25 per $1 the same day, representing a change of 0.06% or gain of N1.

Meanwhile, the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, January 10, 2022, in Lagos Nigeria, after it opened at ₦560 last week Monday, January 3, 2021.

 

 

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