This is the news about Dollar to Naira rate at the official and black market exchange rate Today January 4, 2022.
Read Naija News update on the official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Tuesday January 4th 2022, for $1 dollar to naira = ₦426.25/$1.
According to the data at the FMDQ Security Exchange where forex is traded officially, exchange rate between the naira and the US dollar opened at ₦426.25/$1 on Tuesday 4th, after it closed at ₦435.00 to a $1 on Friday, 31st December 2021.
How much is exchange rate of Dollar to Naira in Black Market today?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N570 and sell at N575 on Tuesday, January 4th 2022, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦426.25/$1 on 4th January 2022 after closing at ₦435.00/$1. Showing a change of 1.33%.
According to data from FMDQ, forex turnover stands at $150.26 million.
Meanwhile, the World Bank has said Nigeria may not recover from its economic problems until the Nigerian Government solve the high inflation rate in the country.
Naija News reports that the global financial institution disclosed that the high inflation rate in Nigeria is eroding the purchasing power of the most vulnerable households.
The bank asserted that the high inflation rate in the country will lead to poverty, and the possible disruption of consumption, investment and saving decisions, among other consequences.
In its November edition of its Nigeria Development Update, the bank said Nigeria’s inflation rate may be among the world’s highest and seventh highest among Sub-Saharan African countries in 2022.
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