Dollar To Naira Exchange Rate/Black Market Rate – Naira Opens At ₦415.18

Tuesday, 1st 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.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Tuesday, February 1st, 2022, for $1 dollar to naira = ₦415.18/$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 ₦415.18/$1 on Tuesday 1st, after it closed at ₦415.33 to a $1 on Monday, 31st 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 N560 and sell at N565 on Tuesday February 1st 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 ₦415.18/$1 on 1st February 2022 and closed at ₦415.75/$1. Showing a change of 0.10%.

According to data from FMDQ, forex daily turnover stands at $165.30 million.

Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦408.00

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.

Meanwhile, there is a general saying that the take-home pay of most Nigerian workers can’t ‘take them home’, hence, most of them usually look for extra means of sourcing money to meet their financial demands.

This probably has led to the high growth rate of loan application sites but many have been discovered to only promise and not deliver.

Others that actually give funds to their clients have become loan sharks, adopting unconventional means of going after their clients who may default as there is usually no collateral involved.

But amidst all these, Naija News reports there are some banks who offer loan services approved by the Central Bank of Nigeria (CBN) from which workers particularly monthly salary earners can obtain ‘payday’ loans.

Payday loan is a type of short-term borrowing where a lender will extend high-interest credit to customers based on your income (but some banks offer to both salary earners and non-salary earners).