Monday, 21 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, Monday, March 21, 2022, for $1 dollar to naira = ₦416.06/$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 ₦416.06/$1 on Monday 21st, after it closed at ₦416.50 to a $1 on Friday, 18th 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 N570 and sell at N590 on Monday, March 21st 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 ₦416.06/$1 on 21st March, 2022 and closed at ₦416.25/$1. Showing a change of -0.06.
According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦431.75.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦406.00.
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’s Debt To Stand At ₦45.86tn By December – Report
The Debt Management Office has revealed that the Federal Government has incurred ₦950bn new domestic borrowing between January 2022 and March 11, 2022.
The Director-General of DMO, Patience Oniha disclosed the fresh borrowing on March 17 in the presentation of the Public Debt Data as of December 31, 2021.
According to Oniha, the Federal Government is considering all options to raise funds externally.
She said, “All options for raising funds externally are being considered. These include funding from multilateral and bilateral sources, the International Capital Markets and the $3.35bn Special Drawing Rights allocated by the International Monetary Fund to the Central Bank of Nigeria.”
This article was originally published on Nigeria News