Exchange Rate Update: Friday 12 October, 2021

Data at the FMDQ Security Exchange where forex is traded officially has shown that the exchange rate between the naira and the US dollar opened at ₦414.39/$1 on 12th November 2021 after closing at ₦414.73/$1. Showing a change of 0.03

Also, at the Parallel Market (Black Market) the US dollar continued weakening after it crashed massively for two consecutive days.

The exchange rate of Naira to dollar stood at N530/$1 on Friday, from the last close of N540/$1, according to

currency dealers at the NARCO wing of the Murtala Muhammed International Airport Ikeja, Lagos.

While some finance experts attributed the appreciation of the Naira to the Central Bank’s efforts at injecting liquidity into the official market, other analysts point to increasing energy prices.

READ ALSO: Exchange Rate update: Thursday, 11th Of October, 2021

However, the CBN has not updated its rates for currencies on Friday as at the time of publishing this currency update.

But, the apex bank displayed N411.39/$1 on Thursday as against N411.37/$1 displayed on Wednesday, November 10, 2021.

The CBN also displayed the  British Pound Sterling as of Thursday at N551.2215/£1 compared to N555.6786/£1 on Wednesday

Chimara Bygold

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