Glamtush reports that the American official currency, dollar crashed at the parallel market also known as the black market on Monday, November 3rd, trading at ₦560 per a dollar with Bureau De Change (BDC) operators buying at at ₦555 per dollar as at 10:10 am in the Lagos market as monitored by Glamtush on Wednesday 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 ₦555 and the price can change (high or low ) within hours.
Glamtush reports that while BDC operators popularly known as Abokis in the parallel market (black market), bought dollar at ₦555 per dollar and sold at ₦560 per a dollar on Wednesday morning, at the official market, the exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦414.12 on Monday morning after closing ₦415.10. This represents a change of -0.09%.
Glamtush reports that in the black market, the players buy a dollar for ₦555.00 and sell for ₦560.00 on Wednesday morning, November 3rd, 2021 after they bought N560 and sold N570 on Tuesday, 2nd November 2021.
Even though the dollar to naira opened in the parallel market at ₦555 per $1 today, 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.
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.
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