This is the news about Dollar to Naira rate at the official and black market exchange rate Today November 12, 2021.
Read Benco 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, Friday November 12, for $1 dollar to naira = ₦(yet to be disclosed)/$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 ₦(yet to be disclosed)/$1 on Friday 12, after it closed at ₦414.73 to a $1 on Thursday, 11 November 2021.
How much is exchange rate of Dollar to Naira in Black Market today?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Friday, November 12th sells at N530/1$, 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 and closed at ₦414.73/$1. Showing a change of 0.00%.
According to data from FMDQ, forex turnover stands at $306.24 million.
Meanwhile, the Nigerian Association of Liquefied Petroleum Gas Marketers have said they will stop importing Liquefied Petroleum Gas, popularly called cooking gas because of inflation.
According to reports, the import price has increased by 240 per cent for every 12.5 kilogram, which means the price has increased from N3,000 to N10,200 between January and October 2021.
About 65 percent of Nigeria’s cooking gas is imported, while domestic production is 35 per cent. Stopping gas transportation could increase the cost of gas used.
Bassey Essien, the Executive Secretary Nigerian Gas Importers Association, spoke on the fluctuating price of liquified gas. He said, “The NLNG supplies LPG to the terminals and these terminals sell to the marketers and at times in a day, the price can go up by about three times.”
“Take for example, I was granting an interview on Saturday morning on this same issue and that morning some terminals were selling for N11.6m to N11.7m, but as I stepped out of the interview, it had increased to N12m.”