A dollar now equals 800 naira on the parallel market, also referred to as black market or BDC.
CONVERSEER reports that traders are buying one US dollar at 800 naira and selling at 820 naira as of today, November 1, 2022.
The Nigerian naira (₦) has continued its downfall against other foreign currencies, especially the United States Dollar ($), Great Britain Pound (£) and European Euro (€).
Just like the dollar, traders are buying pounds for 885 naira and selling at 895 naira at the parallel market.
Also, for the euro, traders are buying at 775 naira and selling at 785 naira.
Recall that the Central Bank of Nigeria, CBN does not recognise the parallel market (black market).
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CBN Rates:
Meanwhile, at the CBN, which is the official rate, the naira lost marginally against the dollar and euro, and gained against the pound according to rates released by the apex bank on October 31, 2022.
• DOLLAR = NGN438.02 (Buying) and NGN439.02 (Selling)
• POUNDS = NGN505.4751 (Buying) and NGN506.6291 (Selling)
• EURO = NGN435.2167 (Buying) and NGN436.2103 (Selling)
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