Black Market Dollar to Naira exchange rate today, Wednesday 16 March 2022 can be accessed below.
Good Day Viewers On GoldenNewsNg, this article will discuss the Black Market Dollar to Naira exchange rate today Wednesday, 16 March 2022.
How much is Dollar to Naira official rate today?
The official rate of 1$ to Naira for today, Wednesday, 16th March 2022 = ₦416.04/$1
The information gathered via Financial Markets Dealers Quotations (FMDQ) Security Exchange where forex is exchanged formally unveiled that the authorized conversion rate between the Naira and the US dollar opened at ₦416.04/$1 on Tuesday 15th, after it shut at ₦416.50 to a $1 on Monday, 14th March 2022.
How much is Black Market Dollar to Naira exchange rate today
How much is $1 to Naira at Black Market today?
As of Wednesday, March 16, 2022, the exchange rate of the $1 to naira at Lagos Parallel Market better known as the Black Market is $1 for ₦575 when buying, while the selling rate is at ₦580, this is according to reports from the Bureau De Change (BDC).
You should, however, know that the Nigerian government-owned bank, the Central Bank of Nigeria (CBN) does not recognize the Black Market as the apex bank advises anyone engaging in Forex to instead visit the banks.
What trading looks like at NAFEX window and the official rate?
The report from the NAFEX window revealed the exchange rate of the naira and the US dollar opened at ₦416.04/$1 on 16th of March 2022 and closed at ₦416.50/$1, which shows no difference i.e 0.00.
The forward rate was ₦453.15 high and ₦420.00 low per FMDQ Data.
The price at the Spot rate
The sales of dollar to the naira was at the highest rate of ₦444.00 and the lowest point of ₦410.00
A spot conversion rate is the current cost level in the market to trade one money for another for conveyance out on the earliest reasonable worth date.