Dollar To Naira Exchange Rate Today 5th November 2022(Black Market)

The local currency opened at N870.00 per $1 at the parallel market otherwise known as the black market today Saturday, November 5, 2022.

Even though the dollar to naira opened in the parallel market at ₦870 per $1 today, News Rain Nigeria 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.

News Rain Nigeria reports that on the black market, the players buy a dollar for N865 and sell for N870 on Saturday morning, November 5, 2022, after they bought N865 and sold for N870 on Friday, November 4, 2022.

Meanwhile, News Rain Nigeria reports that the USD started this week at ₦800 in Parallel Market also known as Black Market on Monday, 31 October 2022, in Lagos Nigeria, after it opened at ₦750 last week Monday,  October 24, 2022.

According to reports, the naira is currently under high selling pressure in the black market following the Central Bank of Nigeria’s (CBN) announcement that the newly redesigned naira notes would start circulating in the economy from December 15, 2022.

This online news observed that since the apex bank made this announcement last week, the naira has fallen from its initial record low of N765/$1, losing over N53 in barely six days, further piling pressure on the local currency.