Naira Falls Against Dollar At Black Market

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The Nigerian legal tender Naira has fallen against the dollar at the black market after a major gain.

The new fall by the naira against the United States dollar, sees it trading at ₦560 per dollar, weeks after enjoying a significant gain at the parallel market better known as the black market.

It was observed at some Bureau De Change (BDC) markets in Lagos, Nigeria’s commercial city on Sunday evening, November 21, that the Naira exchanged at ₦560/$1 despite opening the week with an exchange rate of ₦540/$1, dashing the hopes of speculators who had predicted that the Naira will soon exchange at ₦500/$1. This was when it traded at ₦530/$1 a week before.

Acccording to some the BDC operators in Lagos, they bought a dollar for ₦547 and sold at ₦560 as against the ₦535 and ₦540 they bought and sold in recent times.

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