Monday, March 21, 2022: This is the latest information on the official and black market exchange rates for the US dollar to the Nigerian naira.
Kemifilani news always provides an update on official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
How Much Is Today’s Official Dollar-Naira Exchange Rate?
Today, Monday, March 21, 2022, the official rate for 1 dollar to 1 naira is $415.90/$1.
According to the FMDQ Security Exchange, where forex is officially exchanged, the exchange rate between the naira and the US dollar started at 415.90/$1 on Friday 18th, after closing at 416.67 to a dollar on Thursday, March 17th, 2022.
According to Kemi Filani, the dollar-to-naira exchange rate has remained stable at N416.69 per dollar since the start of the new year.
In the black market, how much is a dollar worth in naira today?
According to Bureau De Change sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) participants is N570 for a dollar and N590 for a dollar on Friday, March 18th 2022. (BDC).
Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), and has advised individuals interested in Forex to contact their respective banks.
Trading at the NAFEX official window
On March 18, 2022, the naira/US dollar exchange rate opened at 415.90/$1 and concluded at 416.50/$1. With a change of -0.04,
According to FMDQ statistics, the forward rate reached as high as 432.10 and as low as 423.85.
Spot rate: The dollar sold for as much as 444.00 and as little as 410.00 to the naira.
A spot exchange rate is the current market price for exchanging one currency for another for delivery on the earliest available value date.
NNPC To Withdraw 242.53bn From Federation Account For Fuel Subsidy
The Nigerian National Petroleum Company, NNPC, has announced that it will take N242.53 billion from the Federation Account Allocation Committee account as a subsidy for Premium Motor Spirit.
The aforementioned figure, as stated in the firm’s most recent presentation at the FAAC meeting in Abuja on Friday, will be removed this month.
Although the proposed subsidy deduction was portrayed as a value gap, NNPC stated that the amount will be recovered from earnings due for sharing in the March 2022 FAAC meeting in February 2022.
Due to its massive fuel subsidy spending and resultant reduction from the Federation Account, the oil company submitted no money to FAAC in February 2022.