N600/$1 At Parallel Market, today Exchange Rate

Naira has crashed above N600/$1 at the parallel market with a new exchange rate emerging.

Naijatechnews reports that the Nigerian official currency, naira fell to N604/$ at the parallel otherwise known as the black market from N565 at the start of the year 2022. This is consistent with an N39 loss YTD.

This online news platform understands that the crash of the naira against the dollar is based on information acquired from Bureau de Change operators in Nigeria, who attribute the increase in dollar demand to the election season as Nigerian politicians are stocking up on dollars before Nigeria’s primary elections start over the weekend.

Naira has crashed above N600/$1 at the parallel market with a new exchange rate emerging.

Naijatechnews reports that the Nigerian official currency, naira fell to N604/$ at the parallel otherwise known as the black market from N565 at the start of the year 2022. This is consistent with an N39 loss YTD.

This online news platform understands that the crash of the naira against the dollar is based on information acquired from Bureau de Change operators in Nigeria, who attribute the increase in dollar demand to the election season as Nigerian politicians are stocking up on dollars before Nigeria’s primary elections start over the weekend.

Naijatechnews reports that the Central Bank Nigeria (CBN), despite international calls for the Naira to be completely floated, has maintained its managed float approach. As a result, Naira’s crash in the black market has widened the gap between the official Investors and Exporters (I&E) window and the black market

Naijatechnews reports that the Central Bank Nigeria (CBN), despite international calls for the Naira to be completely floated, has maintained its managed float approach. As a result, Naira’s crash in the black market has widened the gap between the official Investors and Exporters (I&E) window and the black market

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