A quick look at the dollar to naira rate at the official and black market exchange rate, and how much both currencies trades at in the market.
Today, Tuesday, March 22, 2022, the official rate for 1 dollar to naira is $416.06/$1.
According to data from the FMDQ Security Exchange, where forex is officially exchanged, the naira and the US dollar began at 416.06/$1 on Monday 21st, after closing at 416.50 to a $1 on Friday, March 18th, 2022.
Since the start of the new year, the dollar-to-naira exchange rate has averaged N416.69 to the dollar.
In the black market, how much is a dollar worth in naira today?
According to Bureau De Change sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) participants is N570 for a dollar and N590 for a dollar on Monday, March 21st 2022. (BDC).
Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), and has advised individuals interested in Forex to contact their respective banks.
Trading at the NAFEX official window
On March 21, 2022, the naira/US dollar exchange rate started at 416.06/$1 and concluded at 416.25/$1. With a change of -0.06,
According to FMDQ statistics, the forward rate reached a high of 453.25 and a low of 431.75.
Spot rate: The dollar sold for as much as 444.00 and as little as 406.00 to the naira.
A spot exchange rate is the current market price for exchanging one currency for another for delivery on the earliest available value date.
Nigeria’s debt is expected to reach 45.86 trillion dollars by December, according to a report.
According to the Debt Management Office, the Federal Government incurred 950 billion in additional domestic borrowing between January 2022 and March 11, 2022.
Patience Oniha, the Director-General of DMO, revealed the new borrowing on March 17 during the presentation of the Public Debt Data as of December 31, 2021.
According to Oniha, the Federal Government is investigating all external funding sources.
“All options for raising finance externally are being investigated,” she stated. These include finance from international and bilateral sources, the International Capital Markets, and the $3.35 billion in Special Drawing Rights awarded to the Central Bank of Nigeria by the International Monetary Fund.”