Wednesday, 23rd February 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.
The official rate today, Wednesday, February 23rd, 2022, for $1 dollar to naira = ₦414.83/$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 ₦414.83/$1 on Wednesday 23rd, after it closed at ₦416.00 to a $1 on Tuesday, 22nd January 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 N571 and sell at N576 on Wednesday, February 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.
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦414.83/$1 on 23rd and closed at ₦416.00/$1. Showing a change of 0.00%.
According to data from FMDQ, forex daily turnover stands at $88.36 million.
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.
Russia-Ukraine Tensions: Investors Suffer Loss As Stocks Plunge, Oil Prices Surge
Investors in the global stock markets suffered losses on Tuesday after Russian President Vladimir Putin ordered troops to move into Donetsk and Luhansk in Eastern Ukraine.
Naija News understands that the stock market fell, oil prices surged with Brent crude rising up to $94 per barrel amid concerns that Russia’s energy exports could be disrupted following the news.
According to Forbes, shares of Home Depot fell over 5.5 per cent after earnings, while Macy’s gained over 8 per cent thanks to strong results as well as the announcement of a share buyback and dividend increase.
The tensions between Russia and Ukraine have continued to weigh on markets, with all three major averages recently posting back-to-back weekly losses.
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