Forex Update Today: Naira (N) vs Dollar ($)

THE Dollar on Wednesday, October 20, opened at an exchange rate of ₦414.18/$1 after the Naira closed at ₦414.73 to a $1 on Monday, 18 October 2021. This is according to the data obtained from the FMDQSecurity Exchange where foreign exchange (forex) is traded officially.

The rate, which represents N0.55 appreciation, applies to Investors and Exporters (I&E) window, where forex is traded officially.

The local currency at Lagos Parallel Market (Black Market) for Wednesday, October 20, opened at N575.00 to a ($1), according to currency dealers at Ikeja Lagos.

Similarly, information obtained by Prime Business Africa from Bureau De Change (BDC) operators at NARCO Lagos confirmed that the naira remained flat on Wednesday, exchanging at N572/$1, at the BDC segment, the same rate it closed on Monday, 18th October 2021.

However, the exchange rate displayed by the Central Bank of Nigeria ( CBN) on its website maintained N410.89 /$1, while the British Pound Sterling is displayed at N564.2341 to the Sterling.

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