BREAKING: Naira Falls Massively Against Pounds At Parallel Market

Naira has fallen massively against Pounds at the parallel market.

Glamtush reports that the Nigerian official currency, Naira has fallen against the British Pounds, exchanging at ₦775 per £1 at the parallel market otherwise known as the black market in Lagos, Nigeria’s commercial city.

A survey conducted by Glamtush at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Thursday evening, December 16, 2021, showed that the naira to pounds exchanged at N775/ £1, failing to maintain the N725 position of 1 pound to naira it started the week with.

The exchange rate between pound to dollar and pounds to naira on Thursday evening, December 16, showed that the Nigerian official currency, Naira has fallen against the British pounds losing N50 to trade at N775 per pounds from the N725 per pounds it opened this week with.

Pounds to naira falls at Black market (parallel market) despite starting the week well

Glamtush reports that in the black market, the players buy pounds for ₦720 and sell for ₦775 on Thursday, December 16, 2021, after they bought ₦720 and sold for ₦725 on Wednesday morning, December 15. This represents a change of N50 from the previous day.

Even though the pounds to naira opened at the parallel market (black market) at ₦775 per £1, Glamtush 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.

Disclaimer: GLAMTUSH 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.