Black Market Dollar To Naira Exchange Rate Today 25 April 2022

This is a news about Dollar To Naira Exchange Rate Today 19 January 2022 Official and Black market Rate

This article contains update on the official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Wednesday January 19th 2022, for $1 dollar to naira = ₦(yet to be disclosed)/$1.

According to the data at the FMDQ Security Exchange where forex is traded officially, exchange rate between the naira and the US dollar opened at ₦(yet to be disclosed)/$1 on Wednesday 19th, after it closed at ₦414.498 to a $1 on Tuesday, 18th January 2022.

How much is exchange rate of Dollar to Naira in Black Market today?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N567 and sell at N570 on Wednesday, January 19th 2022, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Meanwhile, This online news platform understands that official data and trading reports showed that the Naira depreciated by 0.12 per cent at the official Investors and Exporters (I & E) Window to close at N416.50 per dollar. It also depreciated by 0.65 percent to close at N575.90 per dollar at the parallel market. The Naira, however, closed flat at N430 per dollar at the Interbank Foreign Exchange market (IFEM).

GoldenNewsNg reports that the Central Bank of Nigeria (CBN) continued its weekly injection of$210 million; distributing $100 million to the Wholesale Secondary Market Intervention Sales (SMIS), $55 million to Small and Medium Scale Enterprises (SMEs) and $55 million to invisibles.

Analysts at Cowry Asset Management, which actively trades in financial instruments, said they expected the Naira to depreciate further in the new week as investors react to changing global dynamics

Analysts at Cordros capital noted that although the CBN might have enough supply to support the foreign exchange market over the short term, global and domestic challenges may force the apex bank to adjust the Naira exchange rate further.

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