Naira has fallen massively at the black market after gain on Christmas Day.
Pampamnews gathered that the Nigerian official currency, Naira has fallen against the United States dollar, exchanging at N565/$1, days after gaining over N10 to exchange atN555 per $1 on Christmas Day, December 25, 2021.
Findings by Newsone Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Wednesday evening, December 29, 2021, showed that the naira to usd exchanged at N565/$1, losing N10 from the N555 position of 1 dollars to naira it exchanged on Christmas Day, this is a further slide of the naira compared to when usd to naira exchanged for N530/$1 on November 11, 2021.
The exchange rate between the naira to dollar and dollar to naira on Wednesday evening, December 29, showed that the Nigerian official currency, The currency has lost against the United States dollar days after it had a massive rise which saw it exchanging at N555 per dollar on Christmas Day, Saturday, December 25, 2021.
READ ALSO:Black Market Dollar To Naira Exchange Rate Today 29th December 2021
The local currency opened at N565.00 per $1 at the parallel market otherwise known as the black market, on Wednesday, 29 December 2021, in Lagos Nigeria after it closed N555.00 per $1 on Christmas Day, 25 December 2021.
Newsone Nigeria reports that at the black market on Wednesday evening, the players bought a dollar for N560 and sold for N565
after they bought N550 and sold for N555 on Christmas Day, 25 December 2021, dashing the hopes of speculators who had predicted a rise of the Nigerian currency.
Meanwhile, Pampamnews 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
Even though the dollar to naira opened in the parallel market at ₦565 per $1 today, Pampamnews understands 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.