Naira has gained at the black market for the first time in 2022 with new exchange rate emerging, ENigeria Newspaper reports.
ENigeria Newspaper reports that the Nigerian official currency, Naira has gained against dollar for the first time in the new year, days after it fell for the first time this year after maintaining N560/per $1 at the black market since the beginning of the year.
This online news platform understands that the Nigeria’s official currency gained against the United States dollar at the black market for the first time since the start of the new year 2022, exchanging at N569/per $1, days after it fell for the second time to exchange at N570 per dollar to naira.
A survey conducted by ENigeria Newspaper at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Friday morning, January 14, 2022, shows that the naira to USD exchanged at N569/$1, gaining N1 from the N570 position of 1 dollars to naira it held on Wednesday January 12, 2022, weeks after USD to naira exchanged for N530/$1.
The local currency opened at N569.00 per $1 at the parallel market otherwise known as the black market on Friday, 14 January 2022, in Lagos Nigeria after it closed N570.00 per $1 on Wednesday, 12 January 2022.
Even though the dollar to naira opened in the parallel market at ₦569 per $1 today, ENigeria Newspaper reports that the Central Bank of Nigeria (CBN) does not recognize 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.
ENigeria Newspaper reports that at the black market, the players bought a dollar for N564 and sold for N569 on Friday morning, January 14, 2022 after they bought N565 and sold for N570 on Wednesday morning, January 12, 2022.
Apart from gaining N1 at the black market, naira also showed strength at the official market, gaining more than N0.35 naira, from what it traded last week after the CBN adjusted the dollar to naira exchange rate.
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 ₦416.15 per dollar on Wednesday, after it closed at ₦416.50 per $1 on Tuesday, representing a change of 0.00% or gain of N0.35.
Meanwhile, ENigeria Newspaper reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, January 10, 2022 in Lagos Nigeria, after it opened at ₦560 last week Monday, January 3, 2021.
Disclaimer: ENIGERIA NEWSPAPER 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.