Dollar To Naira Exchange Rate Today, 25 March 2022

Thursday, 24 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, Thursday, March 24, 2022, for $1 dollar to naira = ₦416.30/$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 ₦416.30/$1 on Thursday 24th, after it closed at ₦417.00 to a $1 on Wednesday, 23rd 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 N585 on Thursday, March 24th 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 ₦416.30/$1 on 24th March, 2022 and closed at ₦416.00/$1. Showing a change of -0.24 and a daily turnover of $142.95 million.

According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦419.98.

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.

FAAC: Federal Govt, States And LGAs Share N590.546bn For February (See Details)

The sum of N590.546bn was shared as allocations between the Federal, State and Local Government Areas in Nigeria in the month of February 2022.

Naija News reports that the Federation Accounts Allocation Committee (FAAC) made this known in a communiqué issued at the end of its virtual monthly meeting on Tuesday in Abuja.

According to the FAAC, the amount shared between the three tiers of government represented an increase of N15.8bn when compared to the N574.7bn distributed in January.

The committee disclosed that the Federal Government received N236.1bn, the State Governments got N190bn and the Local Government Councils received N140.6bn.

This article was originally published on Nigeria News