Naira has gained massively at the black market on the back of Christmas holiday with the dollar crashing.
Gatekeepers News reports that the Nigerian official currency, Naira has gained against the United States dollar, exchanging at N555/$1 after opening the week at N570 per dollar on Monday, December 20, 2021.
In a survey conducted by Gatekeepers News on activities of Bureau De Change (BDC) operators in Lagos, Nigeria’s commercial city, on Saturday 25, December being Christmas and Sunday 26, December being Boxing Day, showed the naira to the dollar exchanging at N555/$1, making a N15 gain from the N570 position of 1 dollars to naira it started the previous week with. This is still poor compared to the N530/$1 it exchanged for on November 11, 2021.
The local currency opened at N555 per $1 at the parallel market otherwise known as the black market, today, Monday, 27, December 2021, in Lagos Nigeria after it closed N565 per $1 on Friday, 24, December 2021.
Gatekeepers News reports that at the black market, the players buy a dollar for N550 and sell for N555 on Monday morning, December 27, 2021 after they bought N560 and sold for N565 on Friday, 24, December 2021.
At the I & E forex window, the Naira appreciated by 1.19% to close at ₦413.54 on Friday.
However, the CBN maintained the official rate at ₦411.95 on its website. Parts of CBN’s efforts to stop the free fall of the Naira in recent months includes the stoppage of forex sales to BDCs. The CBN said the BDCs had turned themselves into “agents that facilitates graft and corruption activities of people who seek illicit fund flow and money laundering in Nigeria”.
The CBN clamped down on AbokiFX after accusing the website and the owner of manipulating the currency to sabotage the economy.
At one of it’s Monetary Policy Committee meeting in Abuja, the committee urged the CBN to take further steps to restrict the activities of unauthorised and illegal dealers in the forex market.
The committee said all forex transactions must be conducted at the I&E window to ensure transparency and stability.
Disclaimer: Gatekeepers News does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
