Nigeria's parallel (Black Market) has reacted to the Central Bank of Nigeria's recent announcement of the adjustment of the exchange rate of the naira to the US Dollar.
The CBN had published on Monday night that it was now officially adopting the NAFEX trading window as the official exchange rate. The Naira was by then trading at N410 to 1 USD at the NAFEX window. This and the loss of almost N987.1 million in about 6 weeks from the country's foreign reserves saw an immediate corresponding fall in the black market of about N17 and the Naira fell to a near three and half year low there.
Subsequent days in the black market saw a sustained plummeting. On Wednesday, the Naira lost N6 to the dollar, reaching ₦ 493.00 This corresponded to 1.23% rise compared to previous day, and on Thursday, the currency fell further to N488/495, a rise of 0.4 percent.
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Conversely, the exchange rate between the naira and the US dollar closed at N411/$1 at the Importers and Exporters window, where forex is traded officially.
The Naira appreciated further against the US dollar on Thursday at the official NAFEX window to close at N411 to a dollar. This represents a 0.12% gain when compared to N411.50/$1 recorded on Wednesday, 26th May 2021.
