US Dollar Crashes as Naira appreciates to N740/$ at Black Market

For the first time in this month, November 2022, the Nigerian currency, Naira has appreciated significantly against the US dollar at the parallel section of the foreign exchange market.

Bureaux De Change (BDC) operators who spoke to Economic Confidential in Abuja said they now sell the naira at N740 to a dollar this Thursday evening.

The figure represents a gain of N145 compared to the N885 it traded on Monday.

Meanwhile, the Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represents less than one percent of foreign exchange (FX) transactions and should never be used to determine the naira’s value.

An exchange rate of N460 to the dollar was the highest rate recorded within the day’s trading before it settled at N446.10.

The exchange rate between the Naira and the US dollar on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦444.00 per dollar on Wednesday, November 9, 2022, and closed at ₦445.67 per $1 on Wednesday, November 9, 2022.