Foreign Exchange Update: Nov. 25, 2021

According to the data published on the FMDQ Security Exchange where foreign exchange (forex) is officially traded, the exchange rate between the Naira and the US dollar showed that the naira opened at N413.58 per dollar on Thursday, 25 November 2021, after it closed at N415.07per $1 on Wednesday, 24 November 2021. 

At the parallel (black market), dealers at the NARCO end of the Murtala Muhammed International Airport said the local currency was not stable but opened the day at N558/$1.
Similarly, the Central Bank of Nigeria (CBN) has not updated the daily exchange rate on its website on Thursday as at the time of publishing this update.

However, it displayed N411.63/$1 on Wednesday as against N411.64 per dollar on Tuesday, November 23 2021. The CBN also displayed an exchange rate of N549.6907/£1 on Wednesday compared to N550.0745 per British Pound Sterling displayed on Tuesday

Chimara Bygold

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