Naira Hits Strong Against Dollar At Parallel Market

Naira has hit strong again against the US dollar at the parallel market.

Naija News reports that the Nigerian official currency, Naira, has recovered against the United States dollar, trading at ₦557 per dollar, days after slumping at the parallel market better known as the black market.

A survey conducted by Naija News at some Bureau De Change (BDC) markets in Lagos, Nigeria’s commercial city on Friday morning, November 26, showed that the Naira exchanged at ₦557/$1 after opening the week with an exchange rate of ₦565/$1. This represents a change of $8.

The new dollar to naira exchange rate further cements the hopes of speculators who predicted that the Naira will soon exchange at ₦500/$1. This was when it traded at ₦530/$1 two weeks ago.

How has the Naira performed against the US dollar over the week?

Naija News reports that in the black market, the players buy a dollar for N550 and sell for N558 on Friday morning, November 26, 2021, after they bought N555 and sold for N565 on Monday, 22 November 2021. This means that the naira has gained against the dollar with the exchange rate changing its position from what it traded on Monday.

How much is dollar to naira exchange rate today both buying and selling?

Naija News reports that in the black market, the players buy a dollar for N550 and sell for N557 on Friday morning, November 26, 2021, after they bought N555 and sold for N558 on Thursday morning, November 25. This means the exchange rate changed its position from the previous day especially as the buying dropped from N555 on Thursday to N550 today.

Meanwhile, Naija News reports that the USD started this week at ₦564 in the parallel market also known as the black market on Monday, November 22, 2021. A change of N24 compared to last Monday, November 15 when it opened at ₦540 per dollar.