See new exchange rate as naira falls massively against dollar
The Nigerian official currency, naira has fallen massively against the United States dollar, exchanging at N600/$1 weeks after a steady exchange rate of N583/$1.
A survey conducted by Newsonline on Nigeria financial experts at the Bureau De Change (BDC) market in Lagos State on Easter Sunday morning, April 17, 2022, showed that the naira to USD exchanged at N600/$1, failing to maintain the N583 position of 1 dollar to naira it stood for weeks after USD to naira exchanged for N530/$1.
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According to the medium, the players in the parallel market better known as the black market bought a dollar at N595 and sold for N600 on Easter Sunday, April 17, 2022.
The exchange rate between the naira to dollar and dollar to naira on Easter Sunday showed that the naira has fallen against the United States dollar months after a steady rise which saw it gain over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.