Chimara Bygold
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 ₦413.57$1 on Tuesday 9th November, after it closed at ₦414.55 to a $1 on Monday, 8th November 2021.
At the Parallel Market (Black Market) on Tuesday, October 9, 2021, dealers said the Naira exchanges for N570 to the U S dollar, which is a N1.00 appreciation from N571/$1 it exchanged on Friday.
This is according to information obtained by Prime Business Africa from currency dealers at the NARCO wing of the Murtala Muhammad International Airport, Ikeja Lagos.
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The Central Bank of Nigeria ( CBN) as at 12:20 Tuesday morning yanked off the row for US dollar update from the exchange rate table.
The bank has not also updated its rates for other currencies on Tuesday as at the time of publishing this currency update.
However, the apex bank had displayed N411.29/$1 as of Friday, November 5, compared to N411.27/$1 displayed on Thursday, November 4, 2021.
The CBN also displayed the British Pound Sterling as of Tuesday, November 9, at N555.8167 to the Sterling as against N553.0205/£1 displayed on Friday.
The CBN 6 months ago removed the exchange rate of N379/$1 from its website homepage conforming with the bank’s policy that the Nigeria Autonomous Foreign
The exchange (NAFEX) rate becomes the default reference exchange rate for official and legitimate transactions.
A check by Prime Business Africa confirms it has been removed while sources within the CBN also confirmed it has been officially removed and that the bank will give an official position at appropriate time.
