Dollar To Naira Exchange Rate Today, 5 May 2022

Wednesday, 4th May: 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 rate in nigeria 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, Wednesday, May 4th, 2022, for $1 dollar to naira = ₦417.00/$1.

According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦417.00/$1 on Wednesday 4th, after it closed at ₦419.00 to a $1 on Friday, 29th April 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 N620 on Wednesday, May 4th 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.

Dollar to Naira Black Market Rate Today

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦417.00/$1 on 4th May, 2022 and closed at ₦418.00/$1. Showing a change of -0.24% and a daily turnover of $162.70 million.

According to data from FMDQ, forward rate went as high as ₦453.15 and as low as ₦419.98.

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.

GSM Telcos Proposes 40% Hike In Cost For Calls, SMS And Data Plans

The current economic crisis in Nigeria has resulted in telecommunication companies in the country to contemplate increasing the cost of calls, SMS and data by 40%.

The telcos made their plans known in communique addressed to the Nigerian Communications Commission, titled, ‘Impact of the Economic and Security Issues on the Telecommunications Sector’.

The communication firms capitalized their reason for the proposed charges on the rising cost of running businesses in the country.

If assented to by major stakeholders, the maximum cost of calls pegged at N6.4 would rise to N8.95 while the price cap of SMS will increase from N4 to N5.61, Naija News understands.