The Naira fell slightly against the U. S dollar on Monday at the official market, after the local unit recorded slight gains on Thursday and Friday last week. The pair closed at N415/$1 at the official Investors and Exporters (I&E) window. The Naira decline represented a 0.07 drop compared to N414.73/$1 recorded in the previous trading session as drop in the country’s external reserve continues with a decline of $33 million. The local currency fell at the official market despite a significant increase of 119.3% in Forex turnover.
According BDC sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) is players buy a dollar for N560 and sell for N562 on Tuesday, December 7, 2021.
Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
