BREAKING: Dollar To Naira Exchange Rate Today, 16 February 2022

Tuesday, 15th 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 15th, 2022, for $1 dollar to naira = ₦415.50/$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 ₦415.50/$1 on Tuesday 15th, after it closed at ₦416.67 to a $1 on Monday, 14th 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 N568 and sell at N572 on Tuesday February 15th 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 ₦415.50/$1 on 15th February 2022 and closed at ₦416.00/$1. Showing a change of -0.16%.

According to data from FMDQ, forex daily turnover stands at $95.17 million.

Spot rate: The dollar sold to the naira as high as ₦444.40 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.

Insurance Firms Earned ₦630.36bn, Paid ₦238.05bn Claims – NAICOM

The National Insurance Commission on Monday disclosed that insurance companies in Nigeria made ₦630.36bn as claims.

The income of the insurance company was disclosed in the commission’s unaudited result released by the Head, Corporate Communications and Market Development, National Insurance Commission, Rasaaq Salami.

The commission noted that the total gross premium income earned by the insurance companies in 2020 was ₦520bn.

According to NAICOM, the total asset of the underwriting companies in 2021 was ₦2.14tn while net claims paid was ₦238.05bn.

The report released by the Nigerian Insurers Association revealed that the life and non-life underwriters earned ₦316bn, ₦363bn and ₦413bn premiums in 2016, 2017 and 2018, respectively.

They also recorded a premium of ₦490bn in 2019.

As of the end of 2020, policies held by individual Nigerians stood at 1,034,383, while corporate and non-individual policies were put at 891,128.

Total policies written stood at 1,925,511, while the insurance penetration in 2020 was 0.72 per cent.

This article was originally published on Naija News