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 Wednesday 11th, after it closed at ₦418.25 to a $1 on Tuesday, 10th 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 N584 and sell at N597 on Wednesday, May 11th 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 11th May, 2022 and closed at ₦418.75/$1. Showing a change of 0.12% and a daily turnover of $115.78 million.
According to data from FMDQ, forward rate went as high as ₦453.25 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.
Nigeria’s three paper mills, the Nigeria Paper Mill Limited [Jebba, Kwara State], the Nigerian Newsprint Manufacturing Company Limited [Oku-Iboku, Akwa Ibom State] and Nigerian National Paper Manufacturing Company Limited in Ogun State have all become inoperational.
The privatization of the companies failed to yield positive results over the years and have since, forced the economy to depend on imported paper for its needs, Naija News reports.
The National Bureau of Statistics has revealed in its latest data that Nigeria imported paper and its allied products worth N296.696bn between July and December 2021.
While paper valued at N188.137bn was imported in the third quarter of 2021, import in the last quarter of the year was estimated at N108.559bn.
The development is seen as embarrassing and worrisome to know that its African counterpart, Egypt currently has 25 paper mills but Nigeria which has even bigger population have no functional paper industry.