Naira trades N573/$ at parallel market, as dollar scarcity persist

Naira trades N573/$ at parallel market, as dollar scarcity persist

Nigeria’s naira opened at N573.00 per $1 at the black market, otherwise known as the parallel market on Tuesday, September 21, 2021.

This represents ₦2 change when compared to N575 per $1 recorded in the previous day.

The official dollar to the naira exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

There was a significant change in the rate of dollar to naira according to the data released on the FMDQ Security Exchange. The official forex trading portal showed that the naira opened at N413.21 per dollar on Tuesday, September 21, 2021, after it closed at N413.68 per $1 on Monday, 20 September, 2021.

READ ALSO: Will the Naira ever return to its former glory?

Meanwhile, iBrandTV gathered that black market players buy a dollar at N570 and sell for N573 on Tuesday, September 21, 2021 making a gain of N3.

The Naira gained a N20 margin in the black market according to some BDC players who spoke to us. They, however, gave a caveat that the price was as a result of the confusion occasioned by the suspension of rates report by AbokiFX and maintained that the price could go higher or lower based on market dynamics which eventually saw the Naira closing at N575 per $1 at the end of the trading day.

 

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