BREAKING: Naira Falls Massively At P2P Market, See New Exchange Rate

Naira has fallen massively at P2P market, see new exchange rate.

Newsonline reports that the dollar to naira exchange rate between the Nigerian currency and the United States currency closed at N416.67/$1 at the official Investors and Exporters (I&E) window.

This online news platform understands that dollar to naira exchange rate at the I&E window depreciated further by 0.04% on Thursday to close at N416.67 to a dollar compared to the N416.5/$1 recorded the previous day.

Newsonline recalls that the exchange rate had depreciated in the previous trading session by 0.12% from N416/$1.

Naira fell at the Peer-to-Peer (P2P) market on Friday morning to trade at N581.2/$1, representing a 1.1% depreciation compared to N575/$1 that it had maintained in the previous three trading sessions.

The dollar to naira exchange rate at the parallel market, on the other hand, gained by 0.52% to close at N577/$1 from N580/$1 recorded on Wednesday, 9th March 2022. This is according to information obtained from BDC operators.

Meanwhile, Newsonline Nigeria reports that the local currency opened at N577.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 12 March 2022, in Lagos Nigeria, after it closed N576.00 per $1 on Friday, 11 March 2022

Even though the dollar to naira opened in the parallel market at ₦577 per $1 today, Newsonline reports that 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.

Newsonline Nigeria reports that at the black market, the players buy a dollar for N572 and sell for N577 on Saturday morning, March 12, 2022, after they bought N572 and sold for N577 on Friday, 11 March 2022.