This news is about the Dollar To Naira Exchange Rate at the official and black market exchange rate.
How Much Is Today’s Official Dollar-Naira Exchange Rate?
The official rate for 1 dollar to naira is $415.88/$1.
According to data from the FMDQ Security Exchange, where forex is officially exchanged, the exchange rate between the naira and the US dollar started at 415.88/$1 on Tuesday, March 22nd, after closing at 412.25 to a $1 on Monday, March 21st, 2022.
The dollar-to-naira exchange rate has remained stable at N416.69 per dollar since the start of the new year.
Read Also: BREAKING: Naira Falls To All-Time Low Against Dollar At Aboki Black Market
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 N580 for a dollar and N590 for a dollar on wednesday, March 23, 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 23, 2022, the naira/US dollar exchange rate opened at 415.88/$1 and concluded at 417.00/$1. With a daily turnover of $78.71 million and a change of 0.18.
According to FMDQ statistics, the forward rate reached a high of 453.25 and a low of 420.00.
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.
Brent rises above $115 as the EU considers a ban on Russian oil
Brent crude, the global oil benchmark, has risen as a result of the European crisis involving Russia and Ukraine.
According to a trade report on Monday, the Brent crude price increased by 7.3%, or $7.88, to $115/barrel at 7.54 p.m. Nigerian time.
This is happening at a time when the European Union is perplexed by the prospect of joining the United States in imposing a ban on Russian oil.
According to industry data, the commodity has been rising in price for almost a week as more countries impose sanctions on Russia for its involvement in the Ukraine conflict.