Dollar To Naira Exchange Rate Today 16 October 2021 (Black Market Rate)

Dollar to Naira exchange rate for Saturday 16 October 2021, black market rate can be seen below.

Onyxnewsng has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

October 16 dollar to naira official exchange rate: $1 dollar to naira = N410.87

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N410.87 dollar on Saturday, 16 October 2021, after it closed at N415.07 per $1 on Friday, 15 October 2021. This represents a change of -1.66%.

How much is exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES October 16, 2021 (BLACK MARKET): dollar to naira exchange rate today black market

October 16 dollar to naira black market exchange rate: $1 dollar to naira = N572

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N572.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 16 October 2021, in Lagos Nigeria after it closed N571.00 per $1 on Friday, 15 October 2021.

This represents a change of $1 from the previous day. This means dollar to naira changed its position from the previous day.

Note: dollar to naira exchange rate has stabilized at N570-575 per $1 since Monday, October 11.

Even though the dollar to naira opened in the parallel market at ₦572 per $1 today, Onyxnewsng reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

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The black market, Onyxnewsng understands the players buy a dollar for N567 and sell for N572 on Saturday morning, October 16, 2021 after they bought N567 and sold N572 the previous day.

This means dollar to naira changed its position from the previous day.

The USD started this week at ₦575 in Parallel Market also known as Black Market on Monday, October 11, 2021 in Lagos Nigeria.