Categories: News

BREAKING: Naira Further Falls At Official Market, See New Exchange Rate

Naira has further fallen at Official Market, See New Exchange Rate below.

NewsOnline reports that Naira recorded a slight fall against the U.S. dollar at the official market on Thursday, after a marginal gain at the spot market on Wednesday.

According to data published on the Central Bank of Nigeria’s website, at the close of business Thursday, naira closed at N414.79 to a dollar.

This implies a N0.18 or 0.04 per cent decline from N414.61 per $1 dollar it exchanged in the previous session on Wednesday.

Naira reached an intraday high of N413.79 and a low of N414.29 before closing at N414.79 on Thursday.

Black market dealers in Abuja said they exchanged the naira with the greenback currency at N565.00 to a dollar and sold

at N568.00, against the N567.00 rate it exchanged in the previous market segment on Wednesday.

Meanwhile, the local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market on Thursday, 13 January 2022, in Lagos Nigeria, after it closed N570.00 per $1 on Wednesday, 12 January 2022.

Even though the dollar to naira opened in the parallel market at ₦570 per $1 in Lagos, 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.

Newsonline Nigeria reports that at the black market, the players buy a dollar for N565 and sell for N570 on Thursday morning, January 13, 2022, after they bought N562 and sold for N570 on Wednesday morning, January 12.