Naira To Dollar: Many People Would Rush The Black Market Today

Many people, dollar holders particularly needing the Naira for one reason or another, are likely to rush the black market or the parallel.

The reason is clear: the national currency is on an upward ascendency and what better time to exchange it than now.

The currency rose to N1,470/$ in parallel market to the dollar.

Though not so much a significant rise in unit value, yet that stands to make a remarkable difference for quantum transactions.

Similarly, the naira appreciated to N1,416 per dollar in the Nigerian Foreign Exchange Market (NFEM).

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These much were gleaned from data from the Central Bank of Nigeria, (CBN).

The data showed that the exchange rate for the naira fell to N1,416 per dollar from N1,428 per dollar on Monday, representing a N12 appreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N54 per dollar from N47 per dollar on Monday.