Sunday, 27th February 2022: In this article, we cover updates about the Dollar to Naira rate at the official and black market exchange rate.
On a daily basis, we at KemiFilani give reports on the official dollar rates by the Central Bank of Nigeria CBN as well as that of the Black Market rates, Bureau De Change also known as BDC rates.
The official rate of exchange of a Dollar To Naira today
According to the reports, the official rate of a dollar to naira for today, Sunday, 27th February 2022 is ₦415.90/$1.
The information gathered via the FMDQ Security Exchange where forex is exchanged formally unveiled that the authorized conversion rate between the naira and the US dollar opened at ₦416/$1 on Wednesday 23rd, after it shut at ₦416/$1 to a $1 on Tuesday, 22nd February 2022.
Below is the exchange rate of a dollar to naira today in the black market
As of Wednesday, February 22, 2022, the exchange rate of the dollar to naira at Lagos Parallel Market popularly referred to as the Black Market is a dollar for N570 when buying, while the selling rate is at N575, this is according to reports from the Bureau De Change (BDC).
You should, however, know that the Nigerian government-owned bank, the Central Bank of Nigeria (CBN) does not recognize the Black Market as the apex bank advises anyone engaging in Forex to instead visit the banks.
What trading looks like at NAFEX window and the official rate
The report from the NAFEX window revealed the exchange rate of the naira and the US dollar opened at ₦415.39/$1 on 22nd February 2022 and closed at ₦415.89/$1, which is a difference of -0.02%.
The price at the Spot rate
The sales of dollar to the naira was at the highest rate of ₦444.00 and the lowest point of ₦410.00
A spot conversion rate is the current cost level in the market to trade one money for another for conveyance out on the earliest reasonable worth date.