BREAKING: Dollar Falls Massively Against Naira At Aboki Black Market, See New Exchange Rate

Dollar has fallen massively against the naira at Aboki Black Market, See New Exchange Rate below.

Newsonline reports that the US dollar has fallen massively against the naira at Aboki Black Market, exchanging at N585/$1 days after a steady exchange rate of N590/$1.

A survey conducted by Newsonline Nigeria financial experts at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, Thursday afternoon, April 7, 2022, showed that the naira to usd exchanged at N585/$1, gaining N4 from the N590 position of 1 dollar to naira it stood for days, months after USD to naira exchanged for N530/$1.

The exchange rate between the naira to dollar and dollar to naira on Thursday afternoon showed that the Nigerian official currency, the naira has gained against the United States dollar days after a steady rise of the dollar against the naira which saw it hitting N590 per a dollar for more than a week.

Meanwhile, Newsonline Nigeria

reports that this is coming months after the Central Bank of Nigeria (CBN) had on July 27, 2021, suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks. The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20, 2021.

Even though the dollar to naira opened at the parallel market (black market) at ₦585 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.