BAD BUSINESS: Naira Crash ‘Heavily’ At Black Market After Christmas Day Gain

The exchange rate between the naira to dollar and dollar to naira on Wednesday evening, December 29, showed that the Nigerian official currency, Naira has lost against the United States dollar days after it had a massive rise which saw it exchanging at N555 per dollar on Christmas Day, Saturday, December 25, 2021.

The local currency opened at N565.00 per $1 at the parallel market otherwise known as the black market, on Wednesday, 29 December 2021, in Lagos Nigeria after it closed N555.00 per $1 on Christmas Day, 25 December 2021.

Newsone Nigeria reports that at the black market on Wednesday evening, the players bought a dollar for N560 and sold for N565

after they bought N550 and sold for N555 on Christmas Day, 25 December 2021, dashing the hopes of speculators who had predicted a rise of the Nigerian currency.

Newsone