This is the news about Dollar to Naira rate at the official and black market exchange rate Today November 1st 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 November 1, for $1 dollar to naira = ₦414.12/$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 ₦414.12/$1 on Monday 1, after it closed at ₦415.10 to a $1 on Monday, 1 November 2021.
How much is exchange rate of Dollar to Naira in Black Market today?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Monday, November 1st sells at N572/1$, 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 ₦414.12/$1 on 1 November, 2021 after it closed at ₦415.10/$1. Showing a change -0.09.
According to data from FMDQ, forex turnover for Friday, 29 October 2021 closed at $93.71 million down from $147.44million.
Meanwhile, the Central Bank of Nigeria, CBN has revealed that money lending institutions will start auto-debiting bank accounts of chronic debtors.
A statement issued by the apex bank and the National Bureau of Statistics revealed that the move was to drastically reduce the growth of Non-Performing Loans in the industry.
Naija News 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.