Dollar To Naira Exchange Rate Today, 22 February 2022

Monday, 21st 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, Monday, February 21st, 2022, for $1 dollar to naira = ₦415.90/$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 ₦415.90/$1 on Monday 21st, after it closed at ₦416.75 to a $1 on Friday, 18th 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 N570 and sell at N575 on Monday, February 21st 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 ₦415.90/$1 on 21st February 2022 and closed at ₦416.67/$1. Showing a change of -0.02%.

According to data from FMDQ, forex daily turnover stands at $141.31 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.

Currency In Circulation Hits ₦3.33trn In 2021- CBN

The Central Bank of Nigeria (CBN) has disclosed that the total Currency in Circulation (CIC) in the country in 2021 was ₦3.33 trillion.

Naija News reports that the country’s apex bank made this known in its money and credit report published on its website over the weekend.

The CBN said the all-time high increase represents a ₦418 billion increase compared to ₦2.91 trillion as of December 2020 and also a 19.06 percent rise from ₦2.44 trillion in 2019.

According to the apex bank, the growth in the total currency in circulation reflected the continued dominance of cash in the economy, adding that a greater proportion was in higher denomination banknotes.