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Dollar To Naira Exchange Rate Today 26 October 2021

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Dollar to naira exchange rate today

This is the news about Dollar to Naira rate at the official and black market exchange rate Today October 26, 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, Tuesday October 26, for $1 dollar to naira = ₦414.04/$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 ₦414.04/$1 on Tuesday October 26, after it closed at ₦415.07 to a $1 on Monday, 25 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 N570, 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 ₦414.04/$1 on 26th October 2021 after closing at ₦415.07/$1 on Monday, 25th of October.

According to data from FMDQ, forex turnover for Monday, 25 October 2021 dropped to $90.36 million.

Meanwhile, Nigerian digital currency, E–Naira has been officially launched today at the States House in Abuja by President Buhari.

Present at the unveiling were the Vice-President, Prof. Yemi Osinbajo, and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, Naija News understands.

The E-Naira will hold equal value with the paper currency and will be issued by the CBN.

Nigerian authorities say the currency is not intended to replace cash but will function as a safe and efficient alternative means of payment.

The eNaira will be a Central Bank Digital Currency (CBDC), issued by the government, and it will have the same value as the paper, or fiat, currency.

It is understood that CBDCs is far different from cryptocurrencies in being regulated and therefore subject to banking laws. They are issued by a central authority and are therefore trusted by traders. The CBN issued its regulatory guidelines for the eNaira on 1 October.

Naija News understands also that the E-Naira value will rise or fall in relation to the dollar in the same way as the fiat currency.

George Oshogwe Ogbolu is a Digital Media Strategist | Content Writer | Journalist | New Media Influencer | Proofreader and a Deputy Editor at Naija News.