Naira Bounces Back At Parallel Market, Drops At Official

Dollar to Naira

The Nigerian official currency, Naira, has bounced back against the American Dollar, trading at ₦557 per dollar.

This is days after dropping at the parallel market popularly known as the black market by the traders.

From what was gathered from some Bureau De Change (BDC) markets in Lagos state, Nigeria’s commercial city on Sunday evening, November 28, the Naira exchanged at ₦557/$1 after opening the week with an exchange rate of ₦564/$1. This represents a change of $8.

READ ALSO: Naira Gains Against Dollar At Parallel Market

The new black market dollar to naira exchange rate gives more hope to speculators who predicted that the Naira will exchange at ₦500/$1 soon when it traded at ₦535/$1 some weeks ago.

Naira drops at official market

While the Naira has rallied at the parallel market otherwise known as the the black market, it has, however, declined at the official market.

VANTAGE NEWS reports that the exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed the week at ₦415.07. per dollar on Friday, 26 November 2021, after it opened at ₦413.71 per $1 on the same day.

With this, the Naira lost ₦1.36, which represents a change of 0.03%.


Comments expressed here do not reflect the opinions of Vantage News Nigeria or any employee thereof.

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