Black Market Dollar To Naira Exchange Rate Today 5th November 2021

Black Market Dollar to Naira Exchange Rate Today 5th November 2021 can be accessed below.

Glamtush brings to you Dollar to Naira rate at the official and black market exchange rate Today November 5th 2021. The official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

As of today, Friday, November 5, FMDQ Security Exchange disclosed that $1 to naira =414.49 at the official market after it closed at  ₦414.80  to a $1 on Thursday, 4th November 2021.

Exchange Rate In Black Market Today

The local currency opened at N560.00 per $1 at the parallel market otherwise known as the black market, today, Friday, 5 November 2021, in Lagos Nigeria after it closed N562.00 per $1 on Thursday, 4 November 2021.

Note: dollar to naira exchange rate has stabilized at N565-575 per $1 since Monday, October 11. This is coming after CBN vs Aboki FX clash over the dollar to naira black market exchange rate.

NB: The Central Bank of Nigeria (CBN) does not recognise the parallel market (black market).

The exchange rate between the naira and the US dollar opened at ₦414.49/$1 on 4 November, 2021 after closing at ₦414.80/$1. Showing a change 0.18.

According to data from FMDQ as of Thursday morning, November 4th 2021, forex turnover stands at $133.37 million.

Meanwhile, in a move to encourage Nigerians to further embrace the recently launched eNaira, the Central Bank of Nigeria (CBN) has advanced reasons why it is better than cryptocurrencies.

It will be recalled that the e-Naira, Nigerian digital currency, was officially launched at the State House in Abuja by President Muhammadu Buhari on 25th October, 2021.

The CBN Director of Corporate Communications, Nnamdi Okwuosa submitted that the eNaira operates in a regulated environment, suggesting that cryptos are not regulated.

He also added that the eNaira is a legal tender backed by a sovereign nation and the CBN will always be there to guide users against falling into danger.

Okwuosa made the submission during a fair organized by the apex bank held in Abia and Ebonyi States to create further awareness for the eNaira.

Speaking at the fair with the theme ‘Promoting financial stability and economic development,’ the CBN spokesperson argued that the eNaira is not a threat, and Nigerians should listen to and follow the guidance of the apex bank.