This online news platform reports that on the black market, the players buy a dollar for N584 and sell for N588 on Sunday, May 8, 2022, after they bought N587 and sold for N588 on Saturday, May 7, 2022.
Meanwhile, the USD started this week at ₦589 in Parallel Market also known as Black Market on Monday, May 2, 2022, in Lagos Nigeria, after it opened at 589 last week Monday, April 25, 2022.
Even though the dollar opened in the parallel market for ₦588 per $1 today, the 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.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.
“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.
Checks by Glamtush reveal uncertainty in the market as prices move up and down in a directionless manner, thereby making it unreliable.
Disclaimer: GLAMTUSH does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel 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