Foreign Exchange Market Nigeria Dollar To Naira

Naira Falls Further At Parallel Market, $1 Exchanges For N580

The Naira doesn’t show any sign of regaining its value against other major foreign currencies soon as it continues to nose-dive at the foreign exchange market.

On Thursday, September 30, 2021, one US dollar sells for N580 at the black market, if you’re buying, and it’s N570 if you are the seller, showing a gap of at least N160 between the official and parallel market

Although, the Central Bank of Nigeria (CBN) says the parallel market shouldn’t be used to gauge the through value of the Nigerian currency, some Nigerians still patronise them.

On Monday, September 27, $1 was between N576 to N570, depending on the location of trade. Lagos State is the centre of forex trading.

The designation of abokifx as a forex manipulation website by the apex bank has not changed anything, but has only shut users out of keeping track of rates at the unofficial market.

Godwin Emefiele, CBN governor, had threatened to arrest and prosecute abokifx owner for using his website to manipulate the forex market to make gains.

But a call on some of Bureau De Change operators who no longer get funds from the CBN since July 27, say demand is now more than supply, causing a wide gap between the official and the black market rate.

The CBN rate has remained stable in the last two months, selling was “pegged” N410.8 while buying was N409.8 against the USD.

The CBN had consistently said it will continue to make sure that financial institutions that sell forex get enough supply to meet the demand of Nigerians who need it for PTA, and BTA among other legitimate foreign need.

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