Dollar To Naira Exchange Rate Today 7th November 2022(Black Market)

The local currency opened at N870.00 per $1 at the parallel market otherwise known as the black market today Monday, November 7, 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.

Meanwhile, USD started this week at ₦870 in Parallel Market also known as Black Market on Monday, 7 November 2022, in Lagos Nigeria, after it opened at ₦800 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.