Exchange Rate Update: Tuesday 16 November,2021

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 at N414.55 to a dollar on Tuesday November 16,2021, after closing at N415.10/$1 on Monday November 15.

Also, at the Parallel Market (Black Market), in Abuja, a dealer said the naira exchanged at N540.00 to a dollar on Tuesday.

Also, dealers   in Ikeja Lagos, said they bought  at N540/$1 and sold at N545 to the US dollar, the same as Monday.

Similarly, the Central Bank of Nigeria (CBN) has not updated its currency rates  on Monday  as at the time of publishing this currency update.

But, the apex bank displayed an exchange rate of N411.43/$1 on Monday compared to N411.42/$1 displayed on Friday November 15,2021.

The CBN did not display the rates for the British Pound Sterling as of  Monday and Tuesday after the apex bank had display N551.3028/£1 on Friday compared to

N551.2215/£1 displayed on Thursday.

Chimara Bygold

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