Wednesday, 15th 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, Wednesday, June 15th, 2022, for $1 dollar to naira = ₦419.46/$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 ₦419.46/$1 on Wednesday 15th after it closed at ₦420.75 to a $1 on Tuesday, 14th 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 N580 and sell at N610 on Wednesday, June 15th 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 ₦419.46/$1 on 15th June, 2022 and closed at ₦420.00/$1. Showing a change of –0.18% and a daily turnover of $124.62 million.
According to data from FMDQ, forward rate went as high as ₦453.55 and as low as ₦432.00.
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.
Figures obtained from the National Bureau of Statistics (NBS) on Nigeria’s Gross Domestic Product have shown that the insurance sector grew 15.68 per cent in the first quarter of the 2022 financial period.
The statement said, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 89.12 per cent and 10.88 per cent of the sector respectively in real terms in Q1, 2022.
“As a whole, the sector grew at 32.29 per cent in nominal terms (year-on-year), with the growth rate of financial institutions at 34.65 per cent and 15.68 per cent growth rate recorded for insurance.
“The overall rate was higher than that of Q1, 2021 by 30.14 per cent points, and higher by 7.36 per cent points than the preceding quarter.”
The report revealed that the quarter-on-quarter growth was 12.74 per cent, Naija News reports.
The sector’s contribution to the overall nominal GDP was 3.80 per cent in Q1 2022, higher than the 3.25 per cent it represented in the previous year, and higher than the contribution of 3.10 per cent it made in the preceding quarter.