BREAKING: Naira Gains Massively Against Dollar At Parallel Market, See New Exchange Rate

Naira Gains Massively Against Dollar At Parallel Market also known as Black Market or Aboki Market, See New Exchange Rate

Flippstack reports that the Nigerian official currency, the naira has gained massively against the United States dollar exchanging at N585/$1 days after a steady exchange rate of N590/$1.

A survey conducted by Flippstack team 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.

Flippstack Nigeria reports that the players in the parallel market better known as the black market bought a dollar at N580 and sold for N585 on Thursday afternoon, April 7, 2022, after they N582 and sold for N589 on Wednesday, April 6, 2022.

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, Flippstack 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, Flippstack reports that the Central Bank of Nigeria (CBN) does not recognize 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.

Disclaimer: Flippstack 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.

BREAKING: Naira Gains Massively Against Dollar At Parallel Market