This is the news about Dollar to Naira rate at the official and black market exchange rate Today November 4th 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, Thursday November 4th, 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 Thursday 4th November, after it closed at ₦414.80 to a $1 on Wednesday, 3rd November 2021.
How much is exchange rate of Dollar to Naira in Black Market today?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Thursday, November 4th sells at N570/1$, 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 ₦413.76/$1 on 3 November, 2021 and closed at ₦414.80/$1. Showing a change -0.06.
According to data from FMDQ as at Thursday morning November 4th 2021, forex turnover stands at $133.37 million.
Meanwhile, in a move to encourage Nigerians to further embrace the recently launched eNaira, the Central Bank of Nigeria (CBN) has advanced reasons why it is better than cryptocurrencies.
It will be recalled that the e-Naira, Nigerian digital currency, was officially launched at the State House in Abuja by President Muhammadu Buhari on 25th October, 2021.
The CBN Director of Corporate Communications, Nnamdi Okwuosa submitted that the eNaira operates in a regulated environment, suggesting that cryptos are not regulated.
He also added that the eNaira is a legal tender backed by a sovereign nation and the CBN will always be there to guide users against falling into danger.
Okwuosa made the submission during a fair organized by the apex bank held in Abia and Ebonyi States to create further awareness for the eNaira.
Speaking at the fair with the theme ‘Promoting financial stability and economic development,’ the CBN spokesperson argued that the eNaira is not a threat, and Nigerians should listen to and follow the guidance of the apex bank.
This article was originally published on Naija News