Dollar To Naira Black Market Exchange Rate Today December 7th, 2021

Dollar To Naira Exchange Rate Today December 7th, 2021

Brand News Day Nigeria understands that the local currency opened at N565 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 7 December 2021 in Lagos State, Nigeria after it closed at N565.00 on Monday, December 6, 2021. This shows a change of N0 from the previous day.

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N560 and sell for N562 on Monday, December 6th, 2021, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

The Black Market rate today, Monday, December 7th for $1 dollar to naira =N560

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦413.85/$1 on 6th December 2021 after closing at ₦414.73/$1 on Friday 3rd December. Showing a change of -0.05.

According to data from FMDQ, forex turnover stands at $103.01 million.

What You Should know

• Dollar to Naira exchange rate rallied between 560 to 562 since the past week
• The black market exchange rate slightly varies from one seller to another, depending on the market
• Importantly, the dollar to Naira exchange rate is determined by players in the black market across the country
• As of today, the number of investors demanding dollars in the market is on the high (According to a survey from our correspondent) the hike is as a result of the forthcoming festival