Monday, 16th May: 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 rate in nigeria 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, Monday, May 16th, 2022, for $1 dollar to naira = ₦417.30/$1.
According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦417.30/$1 on Monday 16th, after it closed at ₦419.00 to a $1 on Friday, 13th May 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 N585 and sell at N596 on Monday, May 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.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦417.30/$1 on 16th May, 2022 and closed at ₦421.50/$1. Showing a change of 0.60% and a daily turnover of $70.68 million.
According to data from FMDQ, forward rate went as high as ₦453.35 and as low as ₦416.00.
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.
Container clearing cost has increased by 67 per cent, resulting in increases in the prices of vehicle spare parts.
A freight forwarder in an interview with Punch disclosed that they pay N600, 000 to clear a 40-foot container loaded with used vehicles’ spare parts, but now pay over N1 million for the same consignment.
A member of the National Association of Government Approved Freight Forwarders, Ugochukwu Nnadi, claimed that the Nigeria Customs Service is inflicting untold hardship on Nigerians with the high cost of clearing the consignment, rather than generating revenue for the federal government.
This article was originally published on Nigeria News