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Dollar to Naira Exchange Rates

Dollar To Naira Exchange Rate Today, 7th July 2022


Dollar to naira exchange rate today

Wednesday, 6th July: 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, July 6th, 2022, for $1 dollar to naira = ₦423.85/$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 ₦423.85/$1 on Wednesday 6th July, after it closed at ₦430.00  to a $1 on Tuesday, 5th July 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 N611 on Wednesday, 6th July, 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
Buying Rate 590
Selling Rate 611

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦423.85/$1 on 6th July, 2022 and closed at ₦427.75/$1. Showing a change of -0.52% and a daily turnover of $81.64 million.

According to data from FMDQ, forward rate went as high as ₦436.00 and as low as ₦420.50.

Spot rate: The dollar sold to the naira as high as ₦431.00 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.

Bank Assets Rises Over N64.32tn In One Year

The Central Bank of Nigeria has recorded a rise of N11.15 trillion to N64.32tn in banks’ total assets in one year as of the end of April 2022.

According to a personal statement of a member of the Monetary Policy Committee, Kingsley Obiora, which was released by the CBN, the assets of commercial banks rose from N53.17 trillion in the corresponding period of 2021. The 2022 numbers showed a 21 per cent increase over the period.

Obiora added that the growth was driven by balances with CBN/banks, OMO bills, and credit to the real sector of the economy

He said, “The banking system remained sound, stable and resilient. Total assets of the banking industry grew by 20.97 per cent from N53.17tn in April 2021 to N64.32tn in April 2022, driven by balances with CBN/banks, OMO bills, and credit to the real sector of the economy.

“As a result, the total flow of credit to the economy, increased to N26.10tn in April 2022 from N21.45tn in April 2021, representing an increase of 21.66 per cent.”

He said some sectors with the increased credit included: manufacturing, consumer credit, general commerce, information and communication, and agriculture.

According to the CBN, the non-performing loans ratio stood at 5.31 per cent at the end of April 2022, slightly above the prudential threshold of 5.00 per cent.