This is the news about Dollar to Naira rate at the official and black market exchange rate Today November 16, 2021.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Tuesday November 16, for $1 dollar to naira = ₦414.55/$1.
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 ₦414.55/$1 on Tuesday 16, after it closed at ₦415.10 to a $1 on Monday, 15 November 2021.
How much is exchange rate of Dollar to Naira in Black Market today?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Tuesday, November 16th sells between N535 and N540/1$, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦414.55/$1 on 16th November 2021 after closing at ₦415.10/$1. Showing a difference of 0.20.
According to data from FMDQ, forex turnover stands at $138.37 million.
Meanwhile, President Muhammadu Buhari has assured participants at the 2nd Intra-African Trade Fair 2021, that his delegation is attending with ‘‘full force’’ to maximize the advantage of the gathering.
Buhari said this while addressing the opening ceremony of the event in Durban, South Africa.
‘‘Let me assure you that Nigeria has come to Durban in full force to actively participate in this very important trade fair and take full advantage of all the opportunities it provides,” Buhari said.
‘‘We have streamlined the country’s participation under one roof to enable you access all the information you need.”
According to current records, Intra African trade accounts for only 15 percent of their transactions.
The President expressed optimism that the creation of the biggest free trade area in the world, the African Continental Free Trade Area (AfCFTA), will work, especially with the active collaboration of the public and private sectors.
He canvassed support for the implementation of the free trade initiative, listing several benefits to the continent, including doubling trade in 10 years and reducing over-reliance on imports.
The president expressed concern that most of Africa’s existing challenges, whether security, economy, or corruption, can be traced to the inability over the years to domesticate the production of most basic requirements and provide jobs to her teeming and dynamic youth population.