The Naira gains massively as the US dollar crashed on Wednesday, November 10, 2021, as Naira closed the day at ₦550 with a massive gain of ₦18 at the parallel market also known as the black market.
It was gathered that the United States of America official currency, the dollar crashed at the parallel market also known as the black market on Wednesday, November 10, 2021, trading at ₦550 per dollar with Bureau De Change (BDC) operators buying at ₦545 per dollar in the Lagos market as monitored by Newsone Nigeria correspondents.
The dollar to the naira exchange rate which saw BDC operators buying at ₦545 and selling ₦550 in the Lagos market on Tuesday, is against the ₦565 and ₦570 per dollar they bought and sold at the Lagos market in recent times.
The US dollar crash against Nigeria’s official currency, the naira on Tuesday, was a cause for concern for BDC operators who lamented to sudden fall in the market of the dollar to naira exchange rate.
A source at the BDC operators, on Tuesday evening, expressed bitterness that the market is no longer lucrative as it used to be some months ago, putting the blame on CBN vs Aboki FX saga.
“Since Aboki FX stopped publishing rates, we are a bit confused. Before, we check Aboki FX in the morning before we trade but now we have to call our brothers (other BDC operators in different locations) before we know what to buy and sell. This is not good”, he lamented.
Another dissatisfied BDC operator said, “Dollar crashed to ₦550 this evening, though in the morning it was ₦560“, he said after which he lamented in pidgin English, saying: “Di way dis dollar dey fall no good, business just spoil. I pray say e go rise tomorrow (referring to today, November 10).
While most of the operators lamented, one BDC operator, on the other hand, expressed optimism that the dollar will rise again before or during the festive season.
“Before December we will see a rise, it might go back to ₦560 per dollar because many people will be looking for dollars.
VP Osinbajo’s advice to CBN over dollar to naira exchange rate
It was learnt that the dollar to naira exchange rate today is coming after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele last month to allow the naira to reflect the realities of the market.
The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.