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Dollar To Naira: Naira Bounces Back, Sells 720/$1 At Black Market 

The Nigeria national currency, Naira, has rebounded by 20.8 percent to 720/dollar at the parallel market also known as Black Market in the country. 

The development came two weeks after the local currency came under severe pressure at the black market; following the announcement by the Central Bank Nigeria, CBN, to redesign the naira.

The naira which fell consistently throughout last week against the United States dollar tumbled to an all-time low of 910/dollar last weekend.

Black Market Exchange Rate Today November 11, 2022

However, the currency began a rebound against the greenback on Monday.

It came  after a week-long clampdown on foreign exchange dealers in Abuja, Lagos, Kano, as well as other major cities by the personnel of the Economic and Financial Crimes Commission (EFCC). 

EFCC officials had arrested over 90 Bureau De Change operators across major cities in the country over allegations of currency hoarding; as well as aiding politically exposed Nigerians and other criminal elements in money laundering.

Dollar To Naira exchange rate today 

The naira, which was bought and sold on the streets of Lagos and Abuja between 735/dollar and 745/dollar about two weeks ago began a free fall shortly after the decision of the Federal Government to redesign the local currency.

On Monday, however, the naira rebounded and was bought and sold between 850/dollar and 860/dollar. The national currency gained significantly and steadily on Tuesday and Wednesday and closed at 720/dollar on Thursday.

Meanwhile, financial analysts and forex dealers attributed the development to market sentiment; as well as the activities of the EFCC personnel.

Dollar To Naira exchange rate today 

The clampdown on forex dealers was said to have forced several BDCs into hiding; a move that reportedly made many politically exposed persons; as well as currency speculators hold back in their demand for the greenback.

There had been a huge demand for the dollar at the parallel market also known as Black Market in Lagos, Abuja, and other cities.

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