Foreign Exchange Market Nigeria Dollar To Naira

Naira Slumps To NGN570 To $1 As CBN Targets AbokiFx For Updating Black Market Rate

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The worst is yet to be heard about the value of Naira going by the recent depreciation from NGN521 on September 1 to NGN570 Thursday, September 16, 2021.

The decline in the value of naira entered a new phase since the Central Bank of Nigeria (CBN) stopped the sales of foreign currency to Bureau de Change operators in July 2021

The apex bank had described as illegal activities of the BDC operators, while the decision has some benefits, we pointed out the repercussion of “banning” BDCs in one of our reports.

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Before now, NGN against USD and other major currencies could remain stable for days, what you get in the morning at the black market is different from the afternoon rate while a different price comes in the evening in the past three weeks.

On July 27, a USD was NGN505, by the end of August, it was NGN527, it had dropped to NGN570 at the parallel market, according to abokifx.com, Nigeria’s no.1 forex tracking website. We earlier reported that Naira could record its worst before the end of 2021 to NGN600/$1

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Abokifx May Face CBN Sanction

Meanwhile, FX tracking website abokifx.com may face sanctions from the apex bank for updating the price of Naira against USD, Euro, and Pound sterling at the black market.

Most Nigerians depend on the black market rate for major analysis even as Nigeria’s government says it’s unfair to do so.

It was gathered that CBN directs commercial banks to come up with the transaction records of the Fx tracking website over an alleged breach of the National Intelligence Committee Act of 2004, gazettengr.com reported.

Although, the circular about the investigation was not on CBN’s website, where updates are usually published.

At the time of this report, NAIRA tops number one trends on a microblogging platform Twitter, where Nigerians expressed their frustration about the forex policy of the apex bank headed by the former head of Zenith Bank Plc Godwin Emefiele.

At 21:09, one Euro was NGN655 while one pound sterling was heading towards NGN1,000, it’s NGN770 at the time of publication.

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