Dollar has risen against the naira after a “major fall” at black market.
FirstNews findings revealed that the US dollar gained on Friday evening, November 12, 2021 as the dollar closed the day at N540 with a gain of N10 at the parallel market also known as the black market after a “major fall”.
However, the United States official currency, the dollar gained at the parallel market also known as the black market trading at N540 per dollar with Bureau De Change operators buying at N535 per dollar in the Lagos market.
The dollar to naira exchange rate which saw BDC operators buying at N535 and selling N540 in the Lagos market on Friday, was against the ₦525 and N530 per dollar they bought and sold at the Lagos market on Friday morning.
FirstNews reports that the rise is coming a day after a major fall at the black market and months after AbokiFX, a web platform that reports movements in the foreign exchange market since as early as 2014, suspended dollar to naira exchange rate updates on its website after the CBN accused the black market exchange rate platform of being responsible for the sliding of naira against dollar at the parallel market.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” CBN Governor Godwin Emefiele had said in September, 2021.
“I am sorry to say that I do not intend to recognise any forex in the market. Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. “If you want to sell the dollar, go to your bank and sell it.” Emefiele said.
He explained that the apex bank had been investigating the abokiFX website and its owners in the last two years.
“We have been studying the activities of abokiFX in the last two years. There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates,” he added.