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Dollar to naira exchange rate today 16 November 2021

dollar to naira exchange rate

 

FELLOW PRESS brings you news on the dollar to naira exchange rate today 16 November 2021.

This update comprises of dollar to naira exchange at the Central Bank of Nigeria (CBN), official forex rate, and Black Market rate.

 

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦410.43 and sold at ₦411.43, making an average of  ₦410.93 for $1 on Monday 15 November.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Tuesday November 16, for $1 dollar to naira = ₦410.67/$1.

The Financial Markets Dealers Quotations (FMDQ),which is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Tuesday November 16 opened at ₦535 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

However, many top businesses, manufacturers and those in oil and gas sector are now finding it hard to repaying dollars loans to their bankers as naira stabilizes.

Recall FELLOW PRESS reported that naira started regaining strength as the Central Bank of Nigeria pumped more dollar into the system.

The naira was under intense pressure for months, reaching up to N570 per dollar in the black market until CBN intervention coupled with gradual recovery with oil prices rising above $83 per barrel.

A naira-dollar exchange rate mismatch between the time the dollar loans were taken and presently, said the borrowers.

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