This is the news about Dollar to Naira rate at the official and black market exchange rate Today December 10, 2021.
Read Naija News update on the official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Friday December 10th, for $1 dollar to naira = ₦(yet to be disclosed)$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 ₦(yet to be disclosed)/$1 on Friday 10th, after it closed at ₦415.07 to a $1 on Thursday, 9th December 2021.
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) players buy a dollar for N562 and sell for N565 on Friday, December 10th 2021, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦413.71/$1 on 9th December 2021 and closed at ₦415.07/$.
According to data from FMDQ, forex turnover stands at $453.38 million.
Meanwhile, Nigeria’s national currency, the naira, on Thursday continued its free fall in the parallel market since the central bank stopped selling foreign currency to exchange bureaus at the end of July.
While the official market exchange rate holds steady at ₦415 naira to the dollar, it fell to ₦572 naira to the dollar at the black market.
The exchange rate between the naira and the US dollar closed at ₦413/$1 at the Investors and Exporters forex window on Wednesday and opened at ₦415/$1 on Thursday.
In an attempt to stem the collapse of the national currency, Nigeria’s central bank toughened its tone in September.
Aboki FX website, a platform which since 2014 provided exchange rates on the parallel currency market was forced to stop halt its activities. The central bank of Nigeria accused the founder of the site of manipulating exchange rates, which would have the consequence of “killing” the Nigerian economy, according to the governor of the banking institution.
This article was originally published on Naija News