Naira started December with a slide against dollar at parallel market.
News online reports that Nigerian official currency, naira, has crashed against the American official currency, dollar, at the parallel market also known as the black market on Thursday, December 3, trading at ₦565 per a dollar with Bureau De Change (BDC) operators buying at at ₦560 per a dollar as at 9:15 am in the Lagos market.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that...you can buy or sell 1 dollar at ₦565 and the price can change (high or low ) within hours.
News online reports that while BDC operators popularly known as Abokis in the parallel market (black market), bought dollar at ₦560 per a dollar and sold at ₦565 per a dollar on Thursday morning, at the official market, the exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦413.94 on Thursday morning and closed ₦414.80. This represents a change of -0.06%.
After enjoying a massive rise in November were it traded at N530 per dollar at some point, the naira has plunged to N560 per dollar, quashing the hopes of speculators.
News online Nigeria reports that while the speculators were hoping to see a further crash of dollars to naira following the steady rise of the Naira late November, the reverse is the case as the naira trades at N565/$1 at the parallel market otherwise known as the black market as against the N557 it traded November 29 and N530/$1 it traded weeks ago. This shows that the Naira lost N30 between November 11 when dollar naira traded N535/$1 and December 2 that naira to dollar opened at N565/$1.