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BREAKING: Relief As Naira Gains Massively At Black Market, See New Exchange Rate

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Naira has gained massively at the black market with a new exchange rate emerging.

Newsonline reports that the Nigerian official currency, the naira has gained against the United States dollar exchanging at N585/$1 days after a steady exchange rate of N590/$1.

A survey conducted by Newsonline Nigeria financial experts at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, on Thursday evening, April 21, 2022, showed that the naira to usd exchanged at N585/$1, gaining more than N15 after hitting dollar to naira exchange rate of N600/$1 on Easter Sunday.

Naira to dollar gains at Aboki black market (parallel market)

Newsonline Nigeria reports that the players in the parallel market better known as the black market bought a dollar at N582 and sold for N585 on Thursday evening, April 21, 2022, after they bought at N595 and sold for N600 on Easter Sunday evening.

Even though the dollar to naira opened at the parallel market (black market) at ₦585 per $1, Newsonline reports that the Central Bank of Nigeria (CBN) does not recognise 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.

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