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Dollar to Naira Exchange Rates

Dollar To Naira Exchange Rate Today, 29 March 2022

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Dollar to naira exchange rate today

Monday, 28 March 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, March 28, 2022, for $1 dollar to naira = ₦416.26/$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 ₦416.26/$1 on Monday 28th, after it closed at ₦416.33 to a $1 on Friday, 25th March 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 N580 and sell at N600 on Monday, March 28th 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 ₦416.26/$1 on 28th March, 2022 and closed at ₦416.50/$1. Showing a change of 0.04 and a daily turnover of $202.06 million.

According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦416.70.

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.

Controversies Over $10m, N1.360bn Deposit Recovered For NEXIM

There is suspicion that the sum of $10,180,583.10 and ₦1,360,736,865 recovered by investigators for the Nigerian Export-Import Bank have been misappropriated.

The reported sum, Naija News understands were respectively recovered from Heritage Bank in 2019.

A report by the disbanded Special Presidential Investigative Panel on the Recovery of Public Property had shown that the $10m was part of the $20m illegally placed in fixed deposit by the management of NEXIM Bank.

While it also noted that the N1.360bn was a refund from Heritage Bank on behalf of Paytech Technology Limited, which the bank had provided crystallised bank guarantee on a loan it took from NEXIM Bank.



George Oshogwe Ogbolu is a Digital Media Strategist | Content Writer | Journalist | New Media Influencer | Proofreader and Editor at Naija News.