Categories: Business & Brands

BREAKING: Naira Falls Massively At Aboki Black Market, See April 1st Exchange Rate

Naira has fallen massively at Aboki Black Market, see April 1st Exchange Rate below.

 

Glamtush reports that the Nigerian official currency, the naira has fallen massively against the United States dollar exchanging at N590/$1 weeks after a steady exchange rate of N570/$1.

A survey conducted at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, Friday morning, April 1, 2022, showed that the naira to USD exchanged at N590/$1, failing to maintain the N570 position of 1 dollar to naira it stood for weeks, months after USD to naira exchanged for N530/$1.

Glamtush reports that the players in the parallel market better known as the black market bought a dollar at N58 5and sold for N590 on Friday, April 1, 2022.

The exchange rate between the naira to dollar and dollar to naira on Friday showed that the Nigerian official currency, the naira has fallen against the United States dollar months after a steady rise which saw it gain over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

Meanwhile, Glamtush 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, 2021.

Even though the dollar to naira opened at the parallel market (black market) at ₦590 per $1Glamtush 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.

 

DisclaimerGLAMTUSH 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.

Angela Davies

Recent Posts

PHOTOS: Davido Receives Luxury Car From Auto Firm For 32nd Birthday

Davido has received a luxury car from an auto firm for his 32nd birthday.  …

12 hours ago

VIDEO: How Primate Ayodele Foretold Simon Ekpa’s Arrest In 2023

Simon Ekpa, a Finnish-Nigerian separatist agitator and self-proclaimed Prime Minister of the Biafra Republic Government…

13 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

Accuses detractors of peddling news of alleged governorship ambition.   Speaker of the Lagos State…

13 hours ago

Simon Ekpa, Four Others Arrested In Finland Over Terrorism Activities

Simon Ekpa and four others have been arrested in Finland over terrorism activities.   Glamtush…

17 hours ago

Davido Celebrates 32nd Birthday With ₦300m Donation To Orphanages

Davido is excited to celebrate his 32nd birthday with a ₦300m donation to orphanages.  …

19 hours ago

America Returnee Found Dead In Ogun Hotel

An American returnee has been found dead in an Ogun hotel.   Glamtush reports that…

20 hours ago