Dollar to Naira Exchange Rate Hits N855/$1 at Parallel Market on Thursday 3rd November, 2022

Alt: = "Dollar and Naira notes"

Dollar to naira exchange rate at the black market on Thursday 3rd November, 2022

The naira has continued to suffer depreciation as the exchange  between the local currency and dollar traded for N900 to $1 at the parallel market as at morning of Thursday, 3rd November, 2022, after closing at same rate on the previous trading day.

Exchange Rate between the local currency and the greenback, which opened at N840 on Wednesday, raced to N855 in the afternoon, and closed at N855 to $1.

This is according to information from Bureau de Operators in Lagos.

The black market dealers buy at N845 per $1, and sell at N855 per $1.

Note that there's no fixed rate for the parallel market. Therefore what you sell or buy may vary from place to place.

The daily depreciation in value of naira blamed on the scarce supply of forex, coupled with panic buying following CBN's decision to phase out old higher denominations of the naira by end of this year.

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