JUST IN: Dollar Crashes As Naira Gains Massively At Black Market

Dollar has crashed with Naira gaining massively at black market.

Glamtush reports that the US dollar crashed as Naira opened at ₦560 with massive gain of of ₦8 at the parallel market also known as the black market on Thursday, November 4 after it closed at ₦568 the previous day, Wednesday, November 3.

This online news platform understands that the United States of America official currency, the dollar crashed at the parallel market also known as the black market on Thursday, November 4 trading at ₦560 per dollar with Bureau De Change (BDC) operators buying at ₦557 per dollar as at 9:15 am in the Lagos market as monitored by Newsonline Nigeria correspondent who visited the market on Monday morning.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦560 and the price can change (high or low) within hours.

Glamtush reports that the Naira strengthened against the U.S dollar at the official market on Thursday, after the currency witnessed a marginal loss at the market segment in the previous session on Tuesday, November 2.

The local unit exchanged hands with the greenback currency at ₦414.49 per dollar on Thursday, 4 November 2021, after it closed at ₦414.80 per $1 on Wednesday, 3 November 2021., data from FMDQ securities exchange windows where forex is officially traded showed.

The currency’s performance on Thursday represents a change of 0.18 per cent depreciation from ₦414.80 it traded in the previous session on Wednesday.

How much is exchange rate of Dollar to Naira in Black Market today?: Lagos parallel market (black market dollar exchange rate today)

Glamtush reports that in the black market, the players bought a dollar for N557 and sell for N560 on Thursday morning, November 4,  2021 after they bought N562 and sold N567 on Wednesday morning, November 3.

Meanwhile, Glamtush reports that the dollar to naira exchange rate today is coming after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele last month to allow the naira reflect the realities of the market.

The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

“For context, the Vice-President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when sell ing the dollar can bring in 40% profit!

“This was why the Vice-President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.

“It is a well–known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”