Wednesday, 16 March 2022: This is the news about the Dollar to Naira rate at the official and black market exchange rate.
Read Naija News 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, March 16, 2022, for $1 dollar to naira = ₦416.19/$1.
According to the data at the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦416.19/$1 on Wednesday 16th, after it closed at ₦416.50 to a $1 on Tuesday, 15th March 2022.
Naija News reports that the dollar to naira exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.
How much is a dollar to naira today in the black market?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N575 and sell at N580 on Wednesday, March 16th 2022, according to sources at Bureau De Change (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 to approach their respective banks.
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦416.19/$1 on 16th March, 2022 and closed at ₦416.50/$1. Showing a change of 0.00.
According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦415.50.
Spot rate: The dollar sold to the 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 another, for delivery on the earliest possible value date.
Nigeria Recorded ₦1.94tn Trade Deficit In 2021 – NBS
The National Bureau of Statistics in data released on Tuesday disclosed that Nigeria recorded a ₦1.94tn foreign trade deficit in 2021.
NBS disclosed that the foreign trade deficit recorded in 2021 was an improvement from the ₦7.37tn trade deficit recorded in 2020.
According to the data released by NBS, the total foreign trade rose by 22.61 per cent in 2021 to hit ₦39.75tn.
It further stated that the total export for 2021 stood at ₦18.91tn while total import stood at ₦20.84tn, leaving a trade deficit of ₦1.94tn.
This article was originally published on Nigeria News