In today’s update, we’ll be looking at the Dollar to Naira rate at the official and black market exchange rate.

How Much Is Today’s Official Dollar-Naira Exchange Rate?
Today, Friday, March 25, 2022, the official rate for one dollar to naira is 416.30/$1.
According to data from the FMDQ Security Exchange, where forex is officially exchanged, the exchange rate between the naira and the US dollar began at 416.30/$1 on Thursday, March 24th, after closing at 417.00 to a dollar on Wednesday, March 23rd, 2022.

According to reports, the dollar-to-naira exchange rate has remained stable at an average of 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 N585 for a dollar on Thursday, March 24th 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 24, 2022, the naira/US dollar exchange rate opened at 416.30/$1 and concluded at 416.00/$1, with a -0.24 change and a daily turnover of $142.95 million.

According to FMDQ statistics, the forward rate reached a high of 453.25 and a low of 419.98.

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.

FAAC: Federal Government, States, and Local Government Areas Share N590.546bn in February (See Details)

In the month of February 2022, the Federal, State, and Local Government Areas in Nigeria split a total of N590.546 billion in allocations.

According to Kemi Filani, the Federation Accounts Allocation Committee (FAAC) announced this in a communiqué issued at the end of its virtual monthly meeting on Tuesday in Abuja.

According to the FAAC, the sum divided among the three levels of government increased by N15.8 billion as compared to the N574.7 billion distributed in January.

According to the committee, the Federal Government received N236.1 billion, the State Governments received N190 billion, and the Local Government Councils received N140.6 billion.