Naira recovers by N20 today

Naira made appreciable gains on Monday morning in the parallel market, also known as the black market. Today September 20, 2021, the Naira dropped to N550 per $1, gaining N20 from N570 it closed on Friday.

The official exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the naira opened at N412.81 per dollar on Monday, 20 September 2021, after it closed at N412.88 per $1 on Friday, 17 September 2021.

The Nigeria black market dollar exchange rate today for 20 September, to the Nigerian Naira is as follows:

The local currency opened at N550.00 per $1 at the parallel market, otherwise known as the black market, after it closed N570 per $1 on Friday, 17 September 2021. This represents a N20 gain.

Some Bureau De Change (BDC) operators confirmed they are selling for N550 currently, but the price may go higher or lower before the end of the day.

Another operator confirmed that the rate opened at N550 per $1 and said, “There is uncertainty in the market at the moment because of CBN and AbokiFX fight so many people are selling with fear that it might go back to the CBN official rate in the black market.”

Another operator said before today; it was easy for customers buying dollars to confirm prices from AbokiFX, but with AbokiFX out of the way now, it is difficult to do that, and that has affected the rate of the dollar.

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