Monday, 23rd 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 23rd, 2022, for $1 dollar to naira = ₦418.54/$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 ₦418.54/$1 on Monday 23rd, after it closed at ₦419.02 to a $1 on Friday, 20th 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 N570 and sell at N603 on Monday, May 23rd 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 ₦418.54/$1 on 23rd May, 2022 and closed at ₦420.33/$1. Showing a change of 0.31% and a daily turnover of $75.25 million.
According to data from FMDQ, forward rate went as high as ₦453.35 and as low as ₦419.98.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦413.00.
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.
The managing director of the Ogun-Osun River Basin Development Authority (OORBDA), Olufemi Odumosu, has been summoned by the House of Representatives for disposing government assets at ridiculous amounts.
Naija News understands that the House Committee on Public Accounts has earlier grilled the Minister of Water Resources and the Permanent Secretary of the ministry over the development, describing as paltry the price at which the government properties were disposed of.
It was reported that OORBDA had sold government equipment machinery and other valuable properties valued at over N2bn at a paltry sum of N13.618m.
On the list of the ridiculous transactions is also a Toyota Camry 2.5L bought in 2013 for N8.150m, with a book value of N1.222m, which would have cost the agency N1.2m to repair, was sold for N22,500.
This article was originally published on Nigeria News