Dollar To Naira Exchange Rate Today, 23 February 2022

Tuesday, 22nd 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, Tuesday, February 22nd, 2022, for $1 dollar to naira = ₦415.76/$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 ₦415.76/$1 on Tuesday 22nd, after it closed at ₦416.67 to a $1 on Monday, 21st 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 N571 and sell at N576 on Tuesday, February 22nd 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 ₦415.76/$1 on 22nd February 2022 and closed at ₦416.00/$1. Showing a change of -0.16%.

According to data from FMDQ, forex daily turnover stands at $138.95 million.

Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦406.00

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.

Naira Continues To Fall At Official Market Despite CBN Interventions

The value of the Naira continues to fall against the US dollar at the official market despite many interventions by the Central Bank of Nigeria (CBN).

Data from FMDQ securities revealed that Naira performance dropped at the official market in spite of the defence of the apex bank, Naija News reports.

The data showed that the value of the transaction at the market dropped by 49.6 percent or $62.99 million to $64.03 million from the $127.02 million achieved at the previous session.

This development comes after the apex bank withdrew from the external reserves a total of $207.9 million in the first two weeks of February.