Dollar To Naira Exchange Rate/Black Market Rate

Thursday, 10th 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, Thursday, February 10th, 2022, for $1 dollar to naira = ₦415.77/$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 ₦415.77/$1 on Thursday 10th, after it closed at ₦416.00 to a $1 on Wednesday, 9th 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 N568 and sell at N570 on Thursday February 10th 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 ₦415.77/$1 on 10th February 2022 and closed at ₦416.67/$1. Showing a change of 0.16%.

According to data from FMDQ, forex daily turnover stands at $109.75 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.

CBN To Stop Selling Forex To Banks In 2022

The Central Bank of Nigeria (CBN) on Thursday announced that it will stop selling forex to Deposit Money Banks (DMBs) by the end of 2022.

Naija News reports that this was made known by the CBN Governor Godwin Emefiele.

He stated this in Abuja at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.

According to the Apex bank governor, banks need to go out and source for forex by funding entrepreneurs with ideas.

Emefiele said the CBN will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.

He said the CBN’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022.