Naira Hits All-time Low, Exchanges for N610 to 1 Dollar at the Parallel Market

Alt: = "Forex parallel market rates borad"

Naira now exchanges at N610 to 1USD  at the parallel market on Sunday 22, for the first time in history.

The market opened with exchange rate of N610 to a dollar after closing at N604 the previous day.

According to information on Aboki Forex, a website that publishes updates on the exchange rate of naira against other currencies in the parallel market, dollar is sold at N610 on Sunday morning, while the buy price is N605. This means if you are in need of Forex and want to buy at the parallel market, otherwise known as black mark, you would need N610 to buy 1 US dollar, and if you want to exchange your dollar, ‘Aboki’ will pay you N605.

Alt: = "Parallel market foreign exchange rates board"

On the other hand,  the naira’s official rate stabilized  at N419.02 at the Investors and Exporters (I&E) window, after several dips on Friday, the value of the currency has slide to greater depths at the parallel market.

Note that Central Bank of Nigeria does not recognize parallel market rates, and advises those in genuine need for foreign exchange to approach their banks to get them at official rates.   

Aboki Forex came to limelight following the shutdown of  similar website, Aboki FX, which  Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), accused of manipulating the exchange rate at the parallel market.

So far, Aboki FX’s shutdown in September 2021 has not stopped the naira’s free fall and steep crashing at the parallel market.

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