In today’s announcement, we will examine the Dollar to Naira conversion rate at the official and black market exchange rate.
What Is Today’s Official Dollar-Naira Conversion Rate?
Today, Friday, March 25, 2022, the official value for one dollar to naira is 416.30/$1.
As per information from the FMDQ Security Exchange, where currency is formally traded, the exchange rate between the naira and the US dollar commenced at 416.30/$1 on Thursday, March 24th, after wrapping up at 417.00 to a dollar on Wednesday, March 23rd, 2022.
Reports indicate that the dollar-to-naira conversion rate has remained constant at an average of N416.69 per dollar since the beginning of the new year.
In the black market, what is the current value of a dollar in naira?
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).
It is important to note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market (black market) and has advised individuals interested in forex to consult their respective banks.
Trading at the NAFEX official window
On March 24, 2022, the naira/US dollar exchange rate started at 416.30/$1 and concluded at 416.00/$1, reflecting a -0.24 change and a daily turnover of $142.95 million.
As per FMDQ data, the forward rate reached a peak of 453.25 and a minimum of 419.98.
Spot rate: The dollar traded for as much as 444.00 and as little as 410.00 to the naira
A spot exchange rate represents the prevailing market price for converting one currency for another for delivery on the earliest available value date.
FAAC: Federal Government, States, and Local Government Areas Allocate N590.546bn in February (See Details)
During February 2022, the Federal, State, and Local Government Areas in Nigeria divided a total of N590.546 billion in allocations.
According to NAIJATAB, the Federation Accounts Allocation Committee (FAAC) disclosed this in a communiqué released following its virtual monthly meeting on Tuesday in Abuja.
As noted by the FAAC, the amount distributed among the three levels of government rose by N15.8 billion compared to the N574.7 billion allocated in January.
The committee reported that the Federal Government received N236.1 billion, the State Governments were allocated N190 billion, and the Local Government Councils received N140.6 billion.
