Thursday, 19th 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, Thursday, May 19th, 2022, for $1 dollar to naira = ₦417.70/$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 ₦417.70/$1 on Thursday 19th, after it closed at ₦419.25 to a $1 on Wednesday, 18th 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.
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 Thursday, May 19th 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
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦417.70/$1 on 19th May, 2022 and closed at ₦420.33/$1. Showing a change of 0.26% and a daily turnover of $75.56 million.
According to data from FMDQ, forward rate went as high as ₦453.35 and as low as ₦417.00.
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.
The Federal Government has approved N169.7bn private sector investments for the construction of four roads in the country.
The Minister of Works and Housing, Babatunde Fashola, made this known to State House correspondents at the end of the Federal Executive Council (FEC) meeting on Wednesday in Abuja.
Fashola said the funds for the four road infrastructures were approved by the FEC through the government’s Tax Credit Scheme.
He listed the roads to include a 234-kilometre stretch from Bali to Sheti through Gashaka to Gembu in Taraba State at the sum of N95.23bn, while the second road consists of three roads worth N74bn.
For the 234-kilometre road in Taraba, Fashola said an N20bn under the NNPC Tax Credit Scheme would be disbursed to begin the project soonest.