Foreign Exchange Update: Dec., 8 2021

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 ₦413.71/$1 on Wednesday 8th, after it closed at ₦415.07 to a $1 on Tuesday, 7th December 2021.

At the parallel (black market), dealers at the NARCO end of the Murtala Muhammed International Airport said the local currency remained stable, exchanging for N565.55/US$1 on Wednesday, the same with what it exchanged with on Monday and Tuesday.
Similarly, the Central Bank of Nigeria (CBN) has not updated the daily exchange rate on its website on Monday, as at the time of publishing this update.

However, it displayed N411.74 to dollar as of Tuesday, December 7, 2021, as well as exchange rate of N545.72025 to the British Pound Sterling same day.

Chimara Bygold

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