JUST IN: Dollar to Naira exchange rate / Black market rate


Thursday February 10, 2022: Here is the information on the exchange rate of the dollar against the naira at the official and black market exchange rate.

Read Naija News update on official dollar rates as well as Black market rates, Bureau de change (BDC) rates, and CBN rate.

The official rate today, Thursday, February 10, 2022for $1 dollar in naira = ₦415.77/$1.

According to data at FMDQ Security exchange where forex is officially traded, the exchange rate between the naira and the US dollar has opened at ₦415.77/$1 on Thursday 10, after it closes at ₦416.00 at $1 on Wednesday, January 9, 2022.

Naija News reports that the dollar to naira exchange rate maintained an average of N416.69 to a dollar since the beginning of the new year.

How much is a dollar to a naira today on the black market?

The exchange rate of a dollar to naira in Lagos Parallel market (black market) players buy a dollar for N568 and sell at N570 on Thursday February 10, 2022, according to sources at Currency Exchange (BDC).

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

Negotiate at the official NAFEX counter

The exchange rate between the naira and the US dollar opened at ₦415.77/$1 on February 10, 2022 and closed at ₦416.67/$1. Display of a change of 0.16%.

According to data from FMDQdaily forex turnover is $109.75 million.

Spot rate: Dollar sold to naira as high as ₦444.00 and as low as ₦410.00

A spot exchange rate is the current price level in the market to directly exchange one currency for anotherfor delivery on the earliest possible value date.

CBN will stop selling Forex to banks in 2022

the Central Bank of Nigeria (CBN) announced on Thursday that it would stop selling foreign exchange to depository banks (DMBs) by the end of 2022.

Naija News reports that this was announced by CBN Governor Godwin Emefiele.

He said so in Abuja at the end of the bankers committee meeting where he also presented the RT200 program.

According to the Governor of Apex Bank, banks need to go out and find currency by financing entrepreneurs with ideas.

Emefiele said the CBN would support the banks with rebates and other support until the banks manage to self-supply the foreign currency.

He said CBN policies and measures have led to a significant improvement in diaspora inflow from an average of $6 million per week in December 2020 to an average of over $100 million. per week by January 2022.

Source: Naija News


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