Dollar To Naira Exchange Rate Today 1st November 2021 (Black Market Rate)

Dollar To Naira Exchange Rate Today 1st November 2021 (Black Market Rate)

Today, November 1st, 2021, is the official Dollar to Naira black market exchange rate.

Read Touchaheart’s latest updates on official dollar rates, as well as Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) prices.

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

The official rate today, Monday November 1, for $1 dollar to naira = ₦414.12/$1.

The exchange rate between the naira and the US dollar began at 414.12/$1 on Monday 1, according to statistics from the FMDQ Security Exchange, where forex is officially exchanged, after closing at 415.10 to a dollar on Friday, November 1, 2021.

How much is exchange rate of Dollar to Naira in Black Market today?

According to Bureau De Change sources, the exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) today, Monday, November 1st, is N572/1$. (BDC).

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), and has advised individuals interested in trading Forex to contact their local banks.

Trading at the official NAFEX window

On November 1, 2021, the naira and the US dollar exchange rate opened at 414.413/$1 after closing at 415.10/$1. There has been a change of -0.09.

According to FMDQ data, FX turnover for Friday, October 29, 2021 was $93.71 million, down from $147.44 million the day before.

Meanwhile, the Central Bank of Nigeria, CBN, has announced that money lending institutions will begin automatically debiting chronic debtors’ bank accounts.

According to a statement released by the apex bank and the National Bureau of Statistics, the move was made to dramatically reduce the industry’s growth of non-performing loans. Touchaheart understands in the statistic that released that NPLs in the banks recorded a slight decline from N1.2tn at the end of the second quarter of 2020 to N1.1tn at the end of July 2021.

To avoid further negative effect on the financial institutions, the Deposit Money Banks resolved to recovering debts owed by chronic debtors from their accounts using auto debit system.