The Nigerian official currency, naira has fallen massively weeks after a steady rate which saw the Nigerian currency trading at N615 per $1 at the parallel market otherwise known as the black market.
A survey conducted at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, on Monday evening, July 25, 2022, showed that the naira to USD exchanged at N665/$1, a day after 1 dollar to naira exchanged at N658/$1 and weeks after usd to naira exchanged for N615/$1.
While the speculators were hoping to see a further crash of dollars to naira after the primaries of top political parties in Nigeria, the ruling All Progressives Congress (APC) and the Peoples Democratic Party (PDP), the reverse is the case as the naira trades at N665/$1 at the parallel market otherwise known as the black market as against the N658/$1 it traded yesterday, July 24 and N615/$1 it traded at the beginning of last week. This shows that the Naira lost N50 between Monday, July 18 when the dollar naira traded at N615/$1, and today, Monday, July 25 that the naira to dollar opened at N665/$1.
The local currency opened at N665.00 per $1 at the parallel market otherwise known as the black market today Monday, 25 July 2022, in Lagos Nigeria, after it closed at N658.00 per $1 on Sunday, 24 July 2022.
News Rain Nigeria reports that on the black market, the players buy a dollar for N660 and sell for N665 on Monday morning, July 25, 2022, after they bought N655 and sold for N658 yesterday, Sunday, July 24.
Even though the dollar to naira opened at the parallel market (black market) at ₦665 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.
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele in September 2021, described the parallel market otherwise known as the black market as an illegitimate market.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” Emefiele said.
“I am sorry to say that I do not, and I do not intend to recognise any fx in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. “If you want to sell the dollar, go to your bank and sell it.”
Emefiele said the apex bank had been investigating the abokiFX website and its owners in the last two years.
“We have been studying the activities of abokiFX in the last two years,” he added. “There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates.
“He is a Nigerian, living in England, we will track him, Mr Oniwinde, we will track you. “We cannot allow you to continue to kill our economy.”
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