Naira Gains against the Dollar on New Year’s Eve, Trades at N560/$1

Naira gained significantly at the parallel market on Friday, December 31, 2021, rising to N560/$1 during trading session on New Year’s Eve. This information was obtained from several bureau de change operators in Nigeria after an elaborate investigation and research.

The rate N560/$1 is the lowest rate quoted in the forex market in the past month. The percentage change of exchange rates value has stabilized at 1.57%, with Naira showing signs of short term gains during the festive period.

 In September 2021  the exchange rate had settled around a base rate of N570/$1, after the central bank staunchly destabilized the parallel market during the quarterly monetary policy meeting (September – MPR), calling out BDC operators and exchange rate source sites for exchange rate manipulation and economic sabotage.

The exchange rate dropped to as low as N535/$1 in November before a progressive depreciation occurred, resulting in Naira deflating to N570/$1 towards the end of the month. Naira has now received significant boost against the US dollar at the black market following the holiday festivities.

Meanwhile, as at 30th December 2021, The Official foreign exchange rate between the Naira and the US dollar was quoted at N435/$1, representing a 4.82% depreciation, which is the highest rate on record at the official Investors and Exporters (I&E) window