Dollar To Naira Exchange Rate 20 October 2021

Today’s official dollar to naira exchange rate in Nigeria, including the Bureau De Change (BDC) and Central Bank of Nigeria (CBN) rates.

What Is Today’s Official Dollar to Naira Exchange Rate?

According to data published on the FMDQ Security Exchange, the official currency trading portal, the Naira started at 414.18 per dollar on Wednesday, October 20, 2021, after closing at 414.73 per $1 on Monday, October 18, 2021.

Exchange Rate of Dollar To Naira in The Parallel Market

Even though the dollar opened in the parallel market for ₦572 per $1 today, the 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.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.