This is the news about Dollar to Naira rate at the official and black market exchange rate Today November 11, 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 November 11, for $1 dollar to naira = ₦414.28/$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 ₦414.28/$1 on Thursday 11, after it closed at ₦414.73 to a $1 on Wednesday, 10 November 2021.
How much is exchange rate of Dollar to Naira in Black Market today?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Thursday, November 11th sells at N540/1$, 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 ₦414.28/$1 on 11th November 2021 after closing at ₦414.73/$1. Showing a change of 0.09%.
According to data from FMDQ, forex turnover stands at $92.38 million.
Meanwhile, the Manufacturers Association of Nigeria (MAN) has decried the federal government’s proposal to re-introduction excise duty on non-alcoholic drinks.
According to MAN, is such is reintroduced producers could lose up to N1.9 trillion in revenue sales by 2025.
Naija News reports that this was made known by the Chairman, Fruit Juice Producers branch of MAN, Mr Fred Chiazor.
He stated this while speaking at the MMS Business discourse in Lagos on Tuesday
Speaking on the theme, ‘X-raying the Proposed Excise Duty Regime for Carbonated Beverages in a Recovering Economy,’ Chiazor said the amount indicated a 39.5 per cent loss due to the imposition of the new taxes with a concomitant impact on jobs and supply chain.
He called for a suspension of the fiscal policy, noting that the proposed excise duty collection would shrink the sector’s contribution to the GDP which currently represents 35 per cent of manufacturing.
“Government can lose up to N197 billion in Value Added Tax (VAT), EIT fund and Collective Investment Trust (CIT) revenues occasioned by the drop in industry performance,” he said.