Dollar To Naira Exchange Rate/Black Market Rate

Wednesday, 9th February 2022: This is the news about the Dollar to Naira rate at the official and black market exchange rate.

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, Wednesday, February 9th, 2022, for $1 dollar to naira = ₦415.15/$1.

According to the data at the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦44.15/$1 on Wednesday 9th, after it closed at ₦416.67 to a $1 on Tuesday, 8th January 2022.

Naija News reports that the dollar to naira exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.

How much is a dollar to naira today in the black market?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N567 and sell at N572 on Wednesday February 9th 2022, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize 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 ₦415.15/$1 on 9th February 2022 and closed at ₦416.00/$1. Showing a change of -0.16%.

According to data from FMDQ, forex daily turnover stands at $170.94 million.

Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦410.00

A spot exchange rate is the current price level in the market to directly exchange one currency for another, for delivery on the earliest possible value date.

Nigeria Exchange To Set Up New Listing Category For Tech Companies

The Nigerian Exchange Limited (NGX) is planning to set up a new listing category for technology companies in the country, Naija News reports.

Speaking on Tuesday with CNBC Africa, NGX Chief Executive Officer (CEO), Temi Popoola, said the new listing category will be called the technology board and will be designed “fit for purpose”.

Popoola said the exchange is working hard to ensure that the conditions around the admission of companies into the new category are attractive enough to draw promising tech firms

He disclosed that the NGX plans to mould the technology board after the United States NASDAQ index, which is dominated by some of the biggest tech organisations in the world.

The NGX CEO noted that the move is to avoid losing most of the tech firms in the country to foreign exchanges in order to boost the activity of Nigeria’s stock market.

Popoola said the stock market is in talks with the apex regulator, Securities and Exchange Commission, to get the approval without stating when the board will be delivered.