This is the news about Dollar to Naira rate at the official and black market exchange rate Today October 14, 2021.
Read Naija News update on 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?
The official rate today, Thursday October 14, for $1 dollar to naira = ₦413.50/$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 ₦413.50/$1 on Thursday October 14, after it closed at N415.10 per $1 on Wednesday, 13 October 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, Thursday, October 14, opened N572.00 to a $1.
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 on 13th October 2021 closed at N415.10/$1 as against how it opened on Wednesday, October 13 at N413.74/$1, showing a change at 0.19.
Meanwhile, the 9th Senate led by Senate President, Ahmad Lawan, on Wednesday passed the 2022 Appropriation Bill for second reading.
The budget was passed after debate on its general principles which took more than an hour in the upper chamber.
Recall that President Muhammadu Buhari last week Thursday presented an N16.39 trillion budget proposal for the 2022 fiscal year.
President Buhari noted that the total expenditure of N16.39 trillion proposed for the Federal Government in 2022, N768.28 is for Statutory Transfers; N6.83 trillion is for Non-debt Recurrent Costs; and N4.11 trillion for Personnel Costs.
Others are N577.0 billion for Pensions, Gratuities and Retirees’ Benefits; N792.39 for Overheads; N5.35 trillion for Capital Expenditure, including a capital component of statutory transfers; N3.61 trillion for Debt Service; and N292.71 billion Naira for Sinking Fund to retire certain maturing bonds.
The budget has a deficit of N6.26 trillion, an amount representing 3.39 per cent of estimated GDP.