BREAKING: Dollar Rises Gradually After Free Fall Against Naira At Black Market

Dollar is gradually rising after free fall against Naira at the black market over the week.

Onyxnewsng reports that the US dollar gained on Friday evening, November 12, 2021 as the dollar closed the day at ₦550 with a gain of ₦5 to ₦10 at the parallel market also known as the black market after a “massive crash”.

This online news platform understands that the United States of America official currency, the dollar gained at the parallel market also known as the black market on Friday evening, November 12, 2021, trading at ₦555 per a dollar with Bureau De Change (BDC) operators buying at ₦540 per dollar in the Lagos market as monitored by our correspondents.

The dollar to naira exchange rate which saw BDC operators buying at ₦540 and selling ₦555 in the Lagos and Abuja market on Friday, was against the ₦535 and ₦540 per dollar they bought and sold at the same market on Friday morning.

Onyxnewsng 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 Central Bank of Nigeria (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, and I do not intend to recognise any fx 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 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,” he added.

“There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates.

Reacting to the allegation, AbokiFX temporarily suspended rates on all its platforms, amidst an investigation by the Central Bank of Nigeria (CBN).

“AbokiFX has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation.

AbokiFX Reacts To CBN Threats, Stops Operations

”Final rates have been posted this evening but the abokiFX news section and the crypto rates section will still be active,” they said.
The statement continued: “We sincerely hope this suspension will lead to the Naira appreciation from next week,” they said.