Naira Falls At Black Market First Time In Weeks

Naira Falls At Black Market First Time In Weeks

The official currency of Nigeria, the Naira, has depreciated against the dollar for the first time in the new year, after holding a black market rate of N570 per $1 since January 20, 2022.
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, 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.
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%.

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