Naira Gains Massively in Black Market

Naira has gained massively in the black market this morning.

Bennievibez reports that Nigeria’s local currency, Naira gained N20 on Monday morning, September 20, 2021, dropping to  N550 per dollar from N570 it closed last Friday.

This understands that the massive gain of the Naira in the black market on Monday is coming a few days after the Central Bank of Nigeria (CBN) accused abokiFX of being responsible for the sliding of the naira against the dollar at the parallel market (black market).

Bennievibez reports that AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014.

On Friday as a report by Bennievibez,  Naira was quoted at 570 to the dollar at the parallel market (black market) on the platform, though the CBN had described it as an illegitimate market.

“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,” Emefiele said.

“I am sorry to say that I do not, and I do not intend to recognize 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.”

Emefiele said the apex bank had been investigating the abokiFX website and its owners in the last two years.

“We have been studying the activities of abokiFX in the last two years,” he added. “There was a time we asked our colleagues to call the abokiFX to ask how he conducts the rates.

“He is a Nigerian, living in England, we will track him, Mr. Oniwinde, we will track you. “We cannot allow you to continue to kill our economy.”

Reacting to the allegation, AbokiFX temporarily suspended rates on all its platforms amidst an investigation by the Central Bank of Nigeria (CBN).

Bennievibez reports that the suspension was disclosed in a social media statement by AbokiFX on Friday evening, adding that it “sincerely hopes the suspension will lead to the Naira appreciation from Next week.”

“AbokiFX has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation.

“Final rates have been posted this evening but the abokiFX news section and the crypto rates section will still be active,” they said.

However, barely 72 hours after the clash between the CBN governor and AbokiFX, the Naira gained N20 today against the dollar selling at N550 per dollar from the N570 per dollar last Friday.

Some of the Bureau De Change (BDC) operators who spoke with Bennievibez has on Monday morning when the Naira opened at N550 to the US dollar, had several reasons for the drop in dollar and gain in Naira.

“This morning, we are selling at N550 for now”, a BDC operator told our correspondent, adding that: “Before the day runs out, it might be higher or lower than this”.

Another BDC operator who also confirmed the dollar to naira exchange rate today to have opened at N550 per dollar said: “There is uncertainty in the air now because of this AbokiFX and CBN issue so many people are selling with fear that it might go back to the CBN official rate in the black market”.

“When we tell customers the amount we intend to buy, they always check AbokiFx but now they can’t confirm again, this has really affected the dollar rate this morning”, another BDC operator told Bennievibez on Monday morning.

September 20, 2021