Tuesday, 5 April 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 rate in nigeria as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
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The official rate today, Tuesday, April 5, 2022, for $1 dollar to naira = ₦415.92/$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 ₦415.92/$1 on Tuesday 5th, after it closed at ₦416.63 to a $1 on Monday, 4th April 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 N595 on Tuesday, April 5th 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 |
| Buying Rate | 580 |
| Selling Rate | 595 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦415.92/$1 on 5th April, 2022 and closed at ₦416.83/$1. Showing a change of %0.05 and a daily turnover of $106.50 million.
According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦415.50.
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.
Nigeria’s Debt Profile Rises To N50tn – Report
The Centre for the Promotion of Private Enterprise (CPPE) has said Nigeria’s debt profile could be in excess of N50 trillion.
Naija News reports that the Debt Management Office (DMO) had earlier reported that the country’s debt profile has risen to N39.56tn.
But according to the Chief Executive Officer, CPPE, Dr Muda Yusuf, the new economic report is a review of Nigeria’s economic performance for the first quarter of 2022.
The CPPE boss stated that borrowings from the Central Bank of Nigeria (CBN) were yet to be added to the debt stock reported by DMO.
He argued that it was better for Nigeria to take loans from the World Bank, International Monetary Funds (IMF) and other institutions as they were cheaper.
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