Categories: News

BREAKING: Naira Falls Massively As Dollar Stays Strong, See New Exchange Rate

Naira has fallen massively with the dollar maintaining a strong position in the black market.

reports that the Nigerian official currency, the naira has fallen massively against the United States dollar exchanging at N597/$1 weeks after a steady exchange rate of N588/$1.

A survey conducted by Newsonne Nigeria financial experts at the Bureau De Change (BDC) market in Lagos, Nigeria’s commercial city, Tuesday afternoon, May 17, 2022, showed that the naira to usd exchanged at N597/$1, failing to maintain the N580 position of 1 dollar to naira it stood for weeks, months after USD to naira exchanged for N530/$1.

Advertisement

Naira to dollar falls massively at Aboki black market (parallel market)

Dollar to naira exchange rate for Tuesday, May 17 goes for [N593 to buy and N597 to sell].

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 593
Selling Rate 597

Newsone Nigeria reports that the players in the parallel market better known as the black market bought a dollar at N593 and sold for N597 on Tuesday afternoon, May 17, 2022.

The exchange rate between the naira to dollar and dollar to naira on Tuesday afternoon showed that the Nigerian official currency, the naira has fallen against the United States dollar months after a steady rise which saw it gain over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

Advertisement

Meanwhile, Newsone Nigeria reports that this is coming months after the Central Bank of Nigeria (CBN) had on July 27, 2021, suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks. The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20, 2021.

Even though the dollar to naira opened at the parallel market (black market) at ₦597 per $1Newsone 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.

Advertisement

Disclaimer: NEWSONE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black 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.

Oluchi Nzekwe

Recent Posts

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

14 hours ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

17 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

18 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

21 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

21 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

21 hours ago