Wednesday, 23rd February 2022: In this article, we present updates regarding the Dollar to Naira rate at both the official and black market exchange rates.
Visit daily to view the official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
What Is the Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Wednesday February 23rd, 2022, for $1 dollar to naira = ₦415.90/$1.
The information provided via the FMDQ Security Exchange where forex is officially traded revealed that the official exchange rate between the naira and the US dollar commenced at ₦416/$1 on Wednesday 23rd, after concluding at ₦416/$1 to a $1 on Tuesday, 22nd February 2022.
What is the dollar to naira rate today in the black market?
The dollar to naira exchange rate at the Lagos Parallel Market, often referred to as the Black Market, is one dollar for N570 and sells at N575 on Wednesday, February 22, 2022, according to insights from Bureau De Change (BDC).
The central bank, the Central Bank of Nigeria (CBN), does not acknowledge the Black Market, instructing those engaged in Forex to utilize banks instead.
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦415.39/$1 on 22nd February 2022 and closed at ₦415.89/$1, reflecting a change of -0.02%. According to data from FMDQ, daily forex turnover is at $141.31 million.
Spot rate: The dollar was traded to the naira as high as ₦444.00 and as low as ₦410.00.
A spot exchange rate represents the current price level in the market to directly swap one currency for another, for immediate delivery on the earliest possible value date.
