Black Market Dollar To Naira Exchange Rate Today 11th November 2022

Even though the dollar to naira opened in the parallel market at ₦710 per $1 today, Glamtush reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Glamtush reports that on the black market, the players buy a dollar for N705 and sell for N710 on Friday morning, November 11, 2022, after they bought N865 and sold for N870 on Thursday, November 10, 2022.

Meanwhile, Glamtush reports that the USD started this week at ₦870 in Parallel Market also known as Black Market on Monday, 7 November 2022, in Lagos Nigeria, after it opened at ₦800 last week Monday,  October 24, 2022.

According to reports, the naira is currently under high selling pressure in the black market following the Central Bank of Nigeria’s (CBN) announcement that the newly redesigned naira notes would start circulating in the economy from December 15, 2022.

This online news observed that since the apex bank made this announcement last week, the naira has fallen from its initial record low of N765/$1, losing over N53 in barely six days, further piling pressure on the local currency.