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Exchange Rate Update: Nov. 22, 2021

November 22, 2021
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According to the data at the FMDQ Security Exchange where forex is traded officially, exchange rate between the naira and the US dollar opened at ₦413.53/$1 on Monday November 19 after it closed at ₦414.40 to a $1 on Friday.

Also, at the Parallel Market (Black Market) on Monday, dealers in Ikeja Lagos, said the local currency remained stable as it exchanged for N540/$1,same as Friday.

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

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But, the apex bank displayed an exchange rate of N411.59/$1

as of Thursday November 19,2021.

The CBN did not also display the rates for the British Pound Sterling as of Monday and Friday after the apex bank had displayed N555.2349/£1 on Thursday.

Meanwhile, data obtained from FMDQ, shows that forex turnover at the Investors and Exporters (I&E window decreased from $90.18 million recorded on Thursday 18th November 2021 to $69.63 million on Friday 19th November 2021.

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Chimara Bygold

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