The local currency began at 745 per £1 on the parallel market, often known as the black market, in Lagos, Nigeria, today, Thursday, February 03, 2022, after closing at 755 per £1 on Wednesday, February 02, 2022.
What is the cost of purchasing pounds or converting naira to pounds?
On Thursday morning, February 2, 2022, the players buy pounds for 740 and sell for 745 on the black market, following buying 750 and selling for 755 on Wednesday morning, February 2, 2022.
This is a ten-fold change.
The CBN does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.
“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.
