The US dollar crashed as Naira begins the Month of November with massive gain at the black market.
Scopermedia.com reports that the United States of America official currency, the dollar crashed at the parallel market also known as the black market on Monday, November 1, trading at ₦565 per a dollar with Bureau De Change (BDC) operators buying at ₦555 per dollar as at 9:15 am in the Lagos market as monitored by our correspondent who visited the market on Monday morning.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦565 and the price can change (high or low ) within hours.
We report that while BDC operators popularly known as Abokis in the parallel market (black market), bought dollar at ₦555 per a dollar and sold at ₦565 per a dollar on Monday morning, at the official market, the exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦414.12 on Monday morning after closing ₦415.10. This represents a change of -0.09%.
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