Dollar To Naira Exchange Rate Today, 25 February 2022

Thursday, 24th 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 24th, 2022, for $1 dollar to naira = ₦415.43/$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 ₦415.43/$1 on Thursday 24th, after it closed at ₦416.25 to a $1 on Wednesday, 23rd 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 Thursday, February 24th 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 ₦415.43/$1 on 24th and closed at ₦416.00/$1. Showing a change of 0.06%.

According to data from FMDQ, forex daily turnover stands at $68.08 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.

$1.04bn Spent On Fuel Imports In 2021 – CBN

Data released by the Central Bank of Nigeria revealed that the quantity of foreign exchange used for the importation of petroleum products into the country fell to $1.04bn last year from $1.32bn in 2020.

Importation of fuel into the country remains a major user of foreign exchange as the refineries in the country are not functioning.

The nation’s forex reserves have been on a downward trend in recent months, falling to a low of $39.77bn on February 15, 2022, from $40.54bn at the end of last year.

The data released by the apex bank disclosed that $45.76m was utilised in January 2021 for fuel imports; $64.67m in February, and $142.31m in March.