The Nigerian Naira has gained a bit since it traded at a high of ₦570.79/$1 a few weeks ago to settle at ₦550/$1 today, Tuesday, November 23.
- 1 How Much Is Dollar To Naira Exchange Rate Today Official Rate?
- 2 What does the official rate mean?
- 3 How much is exchange rate of Dollar to Naira in Black Market today?
- 4 Trading at the official NAFEX window
- 5 Share this:
- 6 Like this:
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Tuesday November 23, for $1 dollar to naira = ₦413.79/$1.
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 ₦413.79/$1 on Tuesday 23, after it closed at ₦415.07 to a $1 on Monday, 22 November 2021.
What does the official rate mean?
The official rate is the exchange rate approved by the CBN – the Central Bank of Nigeria is the sole regulator of Naira and determines the exchange rate. About 4 months ago, the CBN banned the activities of Bureu de Change operators and ordered banks to take over the buying and selling of foreign currencies in the country. The CBN is selling FX directly to the banks so they can in turn sell to end users in an attempt to control the price of FX. The price at which the CBN is selling is called the official rate.
To get the official rate, which is much lower than the parallel market rate, you have to go through the licensed commercial banks in the country. It makes sense to buy at the official rate, but if you are selling you might want to consider the parallel market.
How much is exchange rate of Dollar to Naira in Black Market today?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Tuesday, November 23 sells at N555/1$, according to sources at Bureau De Change (BDC). The Black market is also referred to as the illegal market as the CBN does not recognize nor regulate their operations.
If you are selling dollar as a blogger or a freelancer who earns in foreign currency, it makes sense for you to sell at the black market as you would get a higher price. You sell at N555/1$ as at against N414/1$ you will get at the official market from your bank.
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦413.79/$1 on 23rd November 2021 after closing at ₦415.07/$1. Showing a change of 0.06.
According to data from FMDQ, forex turnover stands at $149.53 million.
Meanwhile, the Central Bank of Nigeria (CBN) has revealed that those who violate its Bank Verification Number (BVN) policy will be barred from accessing credit and also from opening new accounts.
The CBN made the announcement in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry.
Mr. Musa Jimoh, Director, Payment System Management Department of the CBN signed the framework which was consequently released in its Update Report Circular.
The CBN also maintained that the new framework has been designed with the effectiveness of customer due diligence and Know Your Customer in mind.
The general public was informed that breaches on the part of customers could see the individual getting barred from entering a new relationship with any bank.