Tuesday, 29 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, Tuesday, March 29, 2022, for $1 dollar to naira = ₦416.25/$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 ₦416.25/$1 on Tuesday 29th, after it closed at ₦416.50 to a $1 on Monday, 28th 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 N580 and sell at N600 on Tuesday, March 29th 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 ₦416.25/$1 on 29th March, 2022 and closed at ₦417.00/$1. Showing a change of 0.12 and a daily turnover of $97.91 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.
Segun Agbaje Loses ₦98.04m As GTCO’s Investors Take Out Funds
The decision of investors to take out their investments from Guaranty Trust Holding Company has seen the Chief Executive Officer of GTCO, Segun Agbaje and other shareholders of the firm lose 11.64%.
Investors in the company are selling off their share, while some are taking out profits as the board moved to approve its ₦2.70kobo per share final dividend paid to shareholders for 2021 period, which will take its total dividend for the year to ₦3.
Shareholders in April 8 would have the opportunity to vote on the uninsured shares, considering its existence creates a possibility of diluting shareholders stakes and depleting share value.
With fear that the investment of GTCO might not grow, some investors engaged in massive sell off which resulted in GTCO’s stock losing value, with its share becoming cheaper, falling to ₦3.15kobo, against its asking price of ₦26.20kobo per share on March 18.
This article was originally published on Nigeria News