As of today, November 3, 2022, you buy one US dollar ($1) at the rate of 855 naira (₦855) at the Black Market, also referred to as Parallel Market or Bureau De Change (BDC).
CONVERSEER gathered that the Nigerian Naira has plunged downward against the United States Dollar in just 3 days as it exchanged at ₦800 – ₦820 on November 1, 2022.
The Nigerian naira (₦) is still falling against other foreign currencies, especially the United States Dollar ($), Great Britain Pound (£) and European Euro (€), even when the Central Bank of Nigeria (CBN) opt-in to redesign the currency.
Today, November 3, 2022, traders are buying the dollar at the rate of ₦855 and selling at the rate of ₦840, respectively.
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Likewise the pound, traders are buying at ₦935 and selling at ₦950 at the parallel market.
Also, for the euro, traders are buying at ₦800 and selling at ₦810 on the black market.
Even though the Central Bank of Nigeria, CBN does not recognise the parallel market (black market), the official rates are not encouraging too.
CBN Rates:
At the CBN official rate, the naira lost marginally against the dollar and gained against the pound and euro according to the rates released by the apex bank on November 2, 2022.
• DOLLAR = ₦438.67 (Buying) and ₦439.67 (Selling)
• POUNDS = ₦505.0408 (Buying) and ₦506.1921 (Selling)
• EURO = ₦434.4588 (Buying) and ₦435.4492 (Selling)
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