Monday, 27th 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, Monday, June 27th, 2022, for $1 dollar to naira = ₦420.50/$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 ₦420.50/$1 on Monday 27th after it closed at ₦420.12 to a $1 on Friday, 24th 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 N590 and sell at N606 on Monday, June 27th 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 ₦420.50/$1 on 27th June, 2022 and closed at ₦421.00/$1. Showing a change of 0.21% and a daily turnover of $152.96 million.
According to data from FMDQ, forward rate went as high as ₦435.85 and as low as ₦420.00.
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.
Oil sector operators have revealed that the amount spent as subsidy by the Federal Government on every litre of Premium Motor Spirit, popularly called petrol, consumed in Nigeria is currently above N600.
The oil marketers said that the cost of unsubsidized petrol was often higher than the cost of Automotive Gas Oil, popularly known as diesel.
In an interview with The Punch, the Deputy National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha, said the cost of petrol in Nigeria is about the cheapest in the world due to subsidy.
He said diesel price was currently between N800 and N850/litre, while the approved subsidised pump price of petrol had remained at N165/litre. Diesel is not subsidised.