Dollar To Naira Exchange Rate Today, 20th July 2022

Tuesday, 19th 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, Tuesday, July 19th, 2022, for $1 dollar to naira = ₦426.20/$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 ₦426.20/$1 on Tuesday 19th July, after it closed at ₦429.12  to a $1 on Monday, 18th 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 N620 on Tuesday, 19th 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

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦426.20/$1 on 19th July, 2022 and closed at ₦424.17/$1. Showing a change of -1.16% and a daily turnover of $383.59 million.

According to data from FMDQ, forward rate went as high as ₦426.14 and as low as ₦426.14.

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.

NNPC Quietly Approves Petrol Pump Price Hike To N179/Litre

The increase in the price of Premium Motor Spirit, popularly known as petrol from N165 per litre to N179 per litre has been approved by the Nigerian National Petroleum Company Limited (NNPC).

The new price approved by NNPC is expected to take effect today across the country as it directs fuel marketers to change the petrol price on pumps today.

NNPC also increased the ex-depot price from N148.17 to N167 per litre.

The decision was reached weeks after fuel marketers adopted different prices following petrol scarcity across the country.

Some filling stations had changed the price on their meter, while others left the approved retail price of N165 per litre but were selling above the displayed price.

Some filling stations were dispensing fuel for motorists for around N170 to N175 per litre.