Exchange rate today, both official rate and black market rate has been curated by ENigeria Newspaper, even as dollar scarcity bites harder
The exchange rate today between the naira and the US dollar closed at N414.40/$1, at the Investors and Exporters window, where forex is traded officially.
According to the exchange rate today obtained by ENigeria Naira depreciated against the dollar on Monday to close at N414.40/$1, representing a 0.02% drop when compared to N414.30/$1 recorded on Friday, 8th October 2021.
Similarly, the exchange rate today at the parallel market closed at N564.5/$1. This is according to information obtained by ENigeria Newspaper from BDC operators in Lagos.
The local currency hit as high as N420.50 at the official market earlier in the day, as the forex shortages still persist. Vice President Yemi Osibanjo, has called on the CBN to allow the naira reflect the realities of the market. He noted that the exchange rate was artificially low.
Trading at the official NAFEX window
On Monday, October 11th, 2021, the currency rate depreciated against the US dollar, closing the day at N414.40 to a dollar, a 10 kobo reduction from N414.30/$1 on Friday, October 8th, 2021.
On Monday, the opening indicative rate finished at N413.53/$1, up 91 kobo from the previous trading day’s closing rate of N414.44/$1.
Over intra-day trading, the highest rate of N420.50 to a dollar was reported before it settled at N414.40/$1, while it traded for as low as N404/$1 during the same period.
Meanwhile, on Monday, October 11th, 2021, FX turnover at the official window fell by 49.7%.
According to data tracked by ENigeria Newspaper from FMDQ, forex turnover declined from $359.48 million recorded on Friday to $184.31 million on Monday, 11th October 2021.