Glamtush reports that the Nigerian official currency, naira has fallen massively against the United States dollar exchanging at N587/$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, Monday morning, March 28, 2022, showed that the naira to usd exchanged at N587/$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.
The exchange rate between the naira to dollar
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.
Even though the dollar to naira opened at the parallel market (black market) at ₦587 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.