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

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3 years ago

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Naira has shown strength against dollar at the black market in new Year 2022.

News Rain Nigeria reports that the Nigerian official currency, Naira has maintained its position against dollar weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

This online news platform understands that the naira has shown strength against the United States dollar at the black market since the start of the new year 2022, exchanging at N560/per $1. Naira has maintained this position since Saturday, 1st January 2022 till date.

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.

Meanwhile, USD started this week at ₦560 in Parallel Market also known as Black Market on Monday, January 3, 2022 in Lagos Nigeria, after it opened at ₦555 last week Monday, December 27, 2021.

Disclaimer: NEWS RAIN NIGERIA 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.

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