Last updated on March 30th, 2022 at 04:46 pm
The ban on the black market at the forex market by the Central Bank of Nigeria (CBN) may have a slight impact on the activities of the certified Bureau De Change operators.
But the ban has also created a huge opportunity for new entrants into the parallel market operations as buyers and sellers of USD, GBP and Euro who switched to online sources are raking in millions of Naira every day.
Today, Tuesday, February 22, 2022, checks online showed that the black market rate is flourishing as one British pound was between NGN780 to NGN788, depending on the seller’s negotiation power.
It’s the first time in five months the naira is taking the back seat against GBP. On September 27, 2021, naira fell to NGN780 at the parallel market.
If the £1 gained more NGN20 in the next couple of days, the naira would record an all-time low in 2022
GBP Official Market
The CBN rate of Pounds to Naira doesn’t look good either. £1 to NGN567.08 can’t be said to be a good official rate.
US Dollar to Naira Black Market Rate
While the £ to NGN was heading to the sky, USD to Naira at the parallel market is showing the same sigh, bad one and a sign of inflation for a country that depends on imported goods.
At the time of this report, $500 would fetch you NGN290,000, translating to NGN580 to just one USD.
That rate also depends largely on your negotiation power, but the least you can get from the market is NGN575.
The latest rate is similar to the rate on October 6, 2021 when $1 was NGN575
USD Official Rate
USD to naira on the CBN website was pegged at NGN416.39. This isn’t however the case in all the commercial banks in Nigeria. The least you can get from any of the banks was NGN470 at the time of this report.
With the latest exchange rate, will the naira ever rise again?