Dollar To Naira Exchange Rate Today, 8 June 2022

Tuesday, 7th June: 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, Tuesday, June 7th, 2022, for $1 dollar to naira = ₦420.10/$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 ₦420.10/$1 on Tuesday 7th after it closed at ₦420.25  to a $1 on Monday, 6th June 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 N600 and sell at N635 on Tuesday, June 7th 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 ₦420.10/$1 on 7th June, 2022 and closed at ₦420.75/$1. Showing a change of 0.12% and a daily turnover of $113.12 million.

According to data from FMDQ, forward rate went as high as ₦453.55 and as low as ₦427.85.

Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦413.00.

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.

Nigerians’ Spending On e-Bills Surges By 387% – NIBSS

Nigeria Inter-Bank Settlement System Plc (NIBSS) has reported massive patronage and spending on electronic bills by citizens in the first quarter of 2022.

The financial institution owned by all licensed banks in the country, revealed in its latest data report that money splashed on electronic bills such as power and other utilities by Nigerians surged by 387.19 per cent from N189.50bn in the first four months of 2019 to N923.24bn in the corresponding period of 2022.

The reported data indicate an increase in the use of e-channels by Nigerians over the months since the outbreak of the COVID-19 pandemic, Naija News understands.

The e-bills payment is understood to be everyday digital payments that are seamlessly done online, including real-time transaction reporting, biller notification, and easy reconciliation.