The dollar is slowly recovering from its free fall against the naira on the black market over the past week.
In news reports of the day, Ejes Gist News reports that the US dollar gained on Friday night, November 12, 2021 as it ended the day at ₦540 with a gain of ₦10 at the parallel market, also known as the black market, after a “major fall”.
According to Ejes Gist Naija News correspondent, the official currency of the United States of America, the dollar, gained at the parallel market, also known as the black market, on Friday evening, November 12, 2021, trading at 540 per dollar with Bureau De Change (BDC) operators buying at 535 per dollar in the Lagos market.
The dollar to naira exchange rate in the Lagos market on Friday, which saw BDC operators buying at 535 and selling at 540, was higher than the 525 and 530 per dollar they bought and sold in the Lagos market on Friday morning.
The rise comes a day after a major drop on the black market, and months after AbokiFX, a web platform that has been reporting on foreign exchange market since 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 naira’s slide against the dollar on the parallel market.