At the Black Market, the Naira has gained a massive N25
The naira has begun a prolonged comeback on the parallel market, having gained ₦25 after falling to its lowest point of N575 to a dollar on September 20, 2021, when it reached its lowest point.
A survey conducted in the Bureau De Change (BDC) market in Wuse Zone 4, Abuja, and the Ogba district of Lagos over the weekend revealed that the Naira traded for N540 per $1 at the BDC market.
The Central Bank of Nigeria (CBN) banned foreign exchange (forex) sales to business development centres (BDCs) on July 27 and directed all those who had a real need for forex to go to banks. In less than two months, the naira lost a whopping N85 in value against the dollar, falling from N490 to N575 to the dollar on September 20.
Analysts had reacted in a variety of ways to this, with some praising the decision and others expressing opposition.
The Central Bank of Nigeria (CBN) has also insisted that the rate in the unrecognised parallel market was not the reference rate for the Naira and that the true value of the currency was quoted at the Import and Export (I&E) trading window, where, as of November 10, the Naira was trading at ₦414.73/$1 and ₦ 414.55 November 16