BREAKING: See Exchange Rate Today As Naira Increased Against Dollar At Black Market

A survey conducted at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, since the beginning of the new year 2022, shows that the naira to usd exchanged at N560/$1, maintaining that position of 1 dollars to naira for four days now, weeks after usd to naira exchanged for N530/$1.

The local currency opened at N560.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 4 January 2022, in Lagos Nigeria after it closed N560.00 per $1 on Monday, 3 January 2022.

Even though the dollar to naira opened in the parallel market at ₦560 per $1 today, 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.

News Rain Nigeria reports that at the black market, the players buy a dollar for N555 and sell for N560 on Tuesday morning, January 4, 2022 after they bought N555 and sold for N560 on Monday morning, January 3, 2022.