Dollar To Naira Exchange Rate Today, 23 May 2022

Friday, 20th 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, Friday, May 20th, 2022, for $1 dollar to naira = ₦418.35/$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 ₦418.35/$1 on Friday 20th, after it closed at ₦420.33 to a $1 on Thursday, 19th 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 N605 and sell at N610 on Friday, May 20th 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 ₦418.35/$1 on 20th May, 2022 and closed at ₦419.02/$1. Showing a change of -0.31% and a daily turnover of $170.58 million.

According to data from FMDQ, forward rate went as high as ₦453.35 and as low as ₦416.00.

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.

Why The Labour Market Needs Fixing – IMF Issues Warning

To avoid further harm to the economy, the International Monetary Fund has cautioned Nigeria and other emerging economies to quickly fix their weak labour markets and severe schooling disruptions.

According to the Washington based lender’s latest research, titled ‘Healing the pandemic’s economic wounds demands fast action,’ pandemic-induced losses for both economic output and employment would be severe in coming years, as discussed in its April World Economic Outlook.

Emerging market economies, according to the research, are more likely to suffer losses because they have less access to vaccines and smaller pandemic support packages.

The commencement of the war in Ukraine was adding to the challenges for many economies, it was stated.