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Exchange Rate Today: Naira Crashes Again in parallel market



Exchange Rate Today: Naira Crashes Again in parallel market

ENigeria Newspaper reports that there is a new tension in Nigeria as Naira again crashes at the parallel market, going by the obtained exchange rate information today.

Naira, the local currency in Nigeria, according to information obtained by ENigeria Newspaper from parallel market otherwise known as the black market today, Monday, August 29, 2022, opened at N702 per dollar.

Last month, the naira weakened to N707 a dollar. It later strengthened to N670 after security operatives raided a BDC hub in Abuja.

At the official market, the local currency appreciated 0.08 percent against the dollar to close at N430.33 at the end of the last trading day (Friday), according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

Exchange Rate Today: Naira Crashes Again in parallel market


Even though the dollar to naira opened in the parallel market at ₦702 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.

“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.


The current exchange rate of dollar to naira has set another tension in the country after the Cetral Bank of Nigeria Recently, released $265 million to airlines operating in the country to settle outstanding ticket sales.
The move followed complaints by foreign airlines over their inability to repatriate revenue from Nigeria.