Chimara Bygold
Data at the FMDQ Security Exchange where forex is traded officially has shown that the exchange rate between the Naira and the US dollar opened on Thursday, November 11, 2021, at N414.28/$1 after it closed at ₦414.73 to a $1 on Wednesday, 10 November 2021.
The rate had opened at ₦413.89/$1 on Wednesday 10th November, after it closed at ₦415.07 to a $1 on Tuesday, 9th November 2021.
Also, at the Parallel Market (Black Market) the US dollar continued weakening after it crashed massively on Wednesday, October 9, 2021.
The exchange rate of Naira to dollar stood at N540/$1, according to currency dealers at the NARCO wing of the Murtala Muhammed International Airport Ikeja, Lagos.
One dealer explained that when the dollar is in free fall, the rate is not stable but determined by a mix of market forces and bargaining power of dealers.
While some finance experts attributed the appreciation of the Naira to the Central Bank’s efforts at injecting liquidity into the official market, other analysts point to increasing energy prices.
However, the CBN has not updated its rates for currencies on Thursday as at the time of publishing this currency update.
But, the apex bank displayed N411.37/$1 as at Wednesday November 10,2021. This is compared with N411.34/$1 displayed on Tuesday, November 9, 2021.
The CBN also displayed the British Pound Sterling as of Wednesday at N555.6786/£1, as against N558.3529 to the Sterling displayed on Tuesday November 9,2021.
