This is the news about Dollar to Naira rate at the official and black market exchange rate Today October 25, 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, Monday October 25, for $1 dollar to naira = ₦414.05/$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 ₦414.05/$1 on Monday October 25, after it closed at ₦415.07 to a $1 on Friday, 22 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, Monday, October 25 – it is being bought at N565.00 to a $1 and sold for N572, according to sources at Bureau De Change (BDC).
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 opened at ₦414.05/$1 on 25th October 2021 and after closing at ₦415.07/$1 on Friday, 22nd of October.
According to data from FMDQ, forex turnover for Friday, 22 October 2021 closed at $240.97 million compared to how it opened at $103.16 million.
Meanwhile, the Central Bank of Nigeria, CBN, has announced that President Muhammadu Buhari will on today, October 25th, unveil the e-Naira.
Recall that the CBN had on September 30th suspended the launch of its digital currency, called e-Naira.
The suspension of the launch was announced by CBN spokesman Osita Nwanisobi while speaking to newsmen in Abuja.
According to the CBN spokesperson, the roll out was suspended to allow other events slated for the country’s 61st independence anniversary to take place
But in a statement on Saturday, Osita Nwanisobi, stated that the e-Naira is now expected to be activated on Monday by the president.
The CBN Director stated that the launching would take place at the States House, Abuja.