Exchange Rate Update: Nov. 22, 2021

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 ₦413.53/$1 on Monday November 19 after it closed at ₦414.40 to a $1 on Friday.

Also, at the Parallel Market (Black Market) on Monday, dealers in Ikeja Lagos, said the local currency remained stable as it exchanged for N540/$1,same as Friday.

Similarly, the Central Bank of Nigeria (CBN) has not updated its currency rates on Monday as at the time of publishing this currency update.

But, the apex bank displayed an exchange rate of N411.59/$1

as of Thursday November 19,2021.

The CBN did not also display the rates for the British Pound Sterling as of Monday and Friday after the apex bank had displayed N555.2349/£1 on Thursday.

Meanwhile, data obtained from FMDQ, shows that forex turnover at the Investors and Exporters (I&E window decreased from $90.18 million recorded on Thursday 18th November 2021 to $69.63 million on Friday 19th November 2021.

Chimara Bygold

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