New Exchange Rate Emerges As Naira Falls At Black Market First Time in 2022

The Nigerian official currency, Naira has fallen against dollar for the first time in February 2022 the new year, after maintaining N570/per $1 at the black market since January 20, 2022.

This online news platform understands that the naira has fallen against the United States dollar at the black market for the first time since the start of the second month of the year 2022, exchanging at N571/per $1, days after it maintained the position of N571 per dollar to naira.

A survey conducted revealed that the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Monday morning, February 7, 2022, shows that the naira to usd exchanged at N571/$1, falling from the N570 position of 1 dollars to naira it held since January 20, 2022, months after USD to naira exchanged for N530/$1.

The local currency opened at N571.00 per $1 at the parallel market otherwise known as the black market on Monday, 7 February 2022, in Lagos Nigeria after it closed N570.00 per $1 on Sunday, 6 February 2022.

Even though the dollar to naira opened in the parallel market at ₦571 per $1 today, GoldenNewsNg 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.

According to report, at the black market, the players bought a dollar for N564 and sold for N570 on Monday morning, January 10, 2022 after they bought N562 and sold for N567 on Sunday morning, January 9, 2022.

Though the naira has fallen at the black market, it, however, showed strength at the official market, gaining more than N1 naira, from what it traded weeks after the CBN adjusted the dollar to naira exchange rate.

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦415.51 per dollar, but later closed at ₦416.33 per $1 the same day, representing a change of 0.06%.

Meanwhile, This analysis 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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