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Dollar crashes as Naira records big gain at Black Market

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 Dollar crashes as Naira records big gain at Black Market
Naira Vs Dollar E1539172078363 New 768x480

The Nigerian currency, Naira, has appreciated significantly against the US dollar at the parallel section of the foreign exchange market.

Bureaux De Change (BDC) operators who spoke in Abuja said they now sell the naira at N740 to a dollar this Thursday evening.

The figure represents a gain of N145 compared to the N885 it traded on Monday.

Meanwhile, the Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represents less than one percent of foreign exchange (FX) transactions and should never be used to determine the naira’s value.

READ ALSO : Naira in major fall, exchanges for N1000 against 1 Pound

An exchange rate of N460 to the dollar was the highest rate recorded within the day’s trading before it settled at N446.10.

The exchange rate between the Naira and the US dollar on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦444.00 per dollar on Wednesday, November 9, 2022, and closed at ₦445.67 per $1 on Wednesday, November 9, 2022.

 

 

 

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