Exchange Rate update: Wednesday, October 27, 2021.

Data at the FMDQ Security Exchange where forex is traded officially has shown that the exchange rate between the naira and US dollar opened  Wednesday, October 27, 2021, at N414.44    0.10/$1 as against ₦414.04/$1 which is also opened on Tuesday, October 26.

The local currency however closed at N415.10 on Tuesday, October 26, 2021 after it closed at ₦415.07 to a $1 on Monday, 25 October 2021.

At the Parallel Market (Black Market) on Wednesday,  dealers at NARCO end of Murtala Muhammad International Airport Ikeja Lagos said the exchange rate of Naira to dollar has not changed from what it was yesterday.

On Tuesday, October 25 they bought at N568/$1 and sold at N570/$1 but on the streets of Lagos, other dealers said the rate stands at N572 to a dollar.

In the same vein, the Central Bank of Nigeria ( CBN) has not updated its rates for Wednesday as at the time of publishing this currency update. However, information on the apex bank’s website showed N411.02/$1 as at Tuesday October 26,2021 as compared to N410.99/$1  displayed on Monday, October 25,2021.

The CBN also displayed the  British Pound Sterling on Tuesday at N567.4953/£1 as compared to N 565.3578/£1  reported on Monday October 25,2021.

Chimara Bygold

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