Exchange Rate Update: Nov 23,2021

According to the data at the FMDQ Security Exchange where forex is traded officially, the 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 Tuesday,  dealers in Ikeja Lagos, said Naira lost pace against the US dollar, falling to as low as N560/$1 from N540 – N545/$1 that it had maintained in almost two weeks.
Similarly, the Central Bank of Nigeria (CBN) has not updated its currency rates on Tuesday as at the time of publishing this currency update.
But, the apex bank displayed an exchange rate of N411.63/$1 as of Monday, November 22, 2021.
The CBN did not also display the rates for the British Pound Sterling as of  Tuesday but the bank displayed N553.3954/£1 for Monday.

Chimara Bygold

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