Nigerian official currency the Naira has crashed massively at the parallel market.
Infoexpert24 reports that the Naira has fallen massively weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.
A survey conducted by Infoexpert24 at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Tuesday, November 30, 2021, showed that the naira to USD exchanged at N565/$1, a day after 1 dollar to naira exchanged at N557/1 and weeks after USD to naira exchanged for N530/$1.
While the speculators were hoping to see a further crash of dollars to naira following the steady rise of the Naira last week, the reverse is the case as the naira trades at N565/$1 at the parallel market otherwise known as the black market as against the N557 it traded yesterday, November 29 and N530/$1 it traded weeks ago. This shows that the Naira lost N30 between November 11 when dollar naira traded N535/$1 and today, November 30th that naira to dollar opened at N565/$1.
Meanwhile, Infoexpert24 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 at the parallel market (black market) at ₦565 per $1, Infoexpert24 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.