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.
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 ₦417.70/$1 on Tuesday 10th, after it closed at ₦419.00 to a $1 on Monday, 9th May 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.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N580 and sell at N592 on Tuesday, May 10th 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 (USD to NGN)||Black Market Exchange Rate Today|
The exchange rate between the naira and the US dollar opened at ₦417.70/$1 on 10th May, 2022 and closed at ₦418.25/$1. Showing a change of -0.18% and a daily turnover of $234.54 million.
According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦423.85.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦412.00.
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.
President Muhammadu Buhari has solicited fund support from the World Bank, African Development Bank, and other partners as he initiates a $19bn project.
The fund as confirmed in a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, would be used for land restoration, tree planting, development of climate resilience infrastructure and investments in small and medium-sized farms.
Naija News understands that the project was mentioned yesterday as the Nigerian leader spoke at a side event he convened at the ongoing United Nations Conference Of Parties in his capacity as the President of the Conference of Heads of State and Governments of the member states.