This is the news about Dollar to Naira rate at the official and black market exchange rate Today October 13, 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, Wednesday October 13, for $1 dollar to naira = ₦ (yet to be released)/$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 released)/$1 on Wednesday October 13, after it closed at N414.30 per $1 on Tuesday, 12 October 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) for today, Wednesday, October 13, opened N570.00 to a $1.
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 opened against the US dollar on 12th October 2021 at N413.64 and closed at N414.30/$1, showing a drop at -0.02.
Meanwhile, the Presidency has said that Vice-President Yemi Osinbajo (SAN) was not pushing for naira devaluation.
Naija News reports that this was made known by his media aide, Laolu Akande, in a State House press statement on Tuesday.
Recall that Osinbajo on Monday called on the CBN to review its strategy on foreign exchange and ensure that the Naira value reflects the market reality, rather than what he described as “artificially low”.
In Tuesday’s clarification, titled, ‘Why Osinbajo Advocates Forex Policy That Curbs Arbitrage and Corruption, Offering Nigerians Cheaper Dollars’, Akande said his principal was not calling for the devaluation of naira.
The statement read, “Our attention has been drawn to statements and reports in the media mis-characterising as a call for devaluation, the view of Vice President Yemi Osinbajo, SAN that the Naira exchange rate was being kept artificially low.
“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira.
“For context, the Vice President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570. It is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!“
This article was originally published on Naija News
