Newsonline reports that the Nigerian official currency, the naira has fallen massively against the United States dollar exchanging at N590/$1 weeks after a steady exchange rate of N570/$1.
A survey conducted by Newsonline Nigeria financial experts at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, Friday morning, April 1, 2022, showed that the naira to usd exchanged at N590/$1, failing to maintain the N570 position of 1 dollar to naira it stood for weeks, months after USD to naira exchanged for N530/$1.
Newsonline Nigeria reports that the players in the parallel market better known as the black market bought a dollar at N58 5and sold for N590 on Friday, April 1, 2022.
The exchange rate between the naira to dollar and dollar to naira on Friday showed that the Nigerian official currency, the naira has fallen against the United States dollar months after a steady rise which saw it gain over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021
Even though the dollar to naira opened at the parallel market (black market) at ₦590 per $1, 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.
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