Naira Hits Strong At Parallel And Official Markets

Naira has hit strong again against the US dollar at the parallel and official markets.

Naija News reports that the Nigerian official currency, Naira, has recovered against the United States dollar, opening the week at ₦558 per dollar, a week after slumping at the parallel market better known as the black market where it traded at ₦565/1.

A survey conducted by Naija News at some Bureau De Change (BDC) markets in Lagos, Nigeria’s commercial city on Monday, November 29, showed that the Naira exchanged at ₦558/$1 a week after opening with an exchange rate of ₦565/$1. This represents a change of ₦7.

Apart from recovering at the parallel market, the naira also gained at the official market as data published on Monday on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦413.75 per dollar on Monday, 29 November 2021, after it closed at ₦415.07 per $1 on Friday, 26 November 2021. This represents a change of ₦1.32 or 0.01%.

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 weeks ago.

How has the Naira performed against the US dollar between last Monday and today?

Naija News reports that in the black market, the players buy a dollar for N552 and sell for N558 on Monday morning, November 29, 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 last 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 N552 and sell for N558 on Monday, November 29, 2021, after they bought N550 and sold for N557 last Friday, November 26. This means the exchange rate changed its position from last week especially as the buying dropped from N555 on Friday to N552 today, representing a change of ₦3.

Meanwhile, Naija News reports that the USD started this week at ₦558 in the parallel market also known as the black market on Monday, November 29, 2021. A change of N6 naira compared to last Monday, November 22 when it opened at ₦ ₦564 per dollar.