Dollar To Naira Exchange Rate Today, 1 March 2022
Monday, 28th 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, Monday, February 28th, 2022, for $1 dollar to naira = ₦415.67/$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 ₦415.67/$1 on Monday 28th, after it closed at ₦416.00 to a $1 on Friday, 25th 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 Monday, February 28th 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 ₦415.67/$1 on 28th and closed at ₦416.67/$1. Showing a change of 0.16%.
According to data from FMDQ, forex daily turnover stands at $80.32 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.
Fixed Income Market Turnover Drops By 31.12% In January
FMDQ Securities Exchange in its January 2022 edition of (FIC) markets analysis disclosed that turnover in the fixed income and currencies market in the months stood at ₦14.13 trillion.
According to FMDQ, the turnover in January represent a month-on-month (MoM) decrease of ₦6.41 trillion from ₦20.54 trillion in December 2021.
The figures released FMDQ also represent a year-on-year (YoY) increase of 8.44 per cent (₦1.10 trillion) over ₦13.03 trillion recorded in the corresponding period in January 2021 respectively.
FMDQ Exchange in its report also noted that the total foreign exchange (FX) market turnover in January 2022 was $10.13 billion (₦4.22 trillion), representing an MoM decrease of 38.12 per cent ($6.24 billion) from the turnover of $16.37 billion recorded in December 2021.
This article was originally published on Nigeria News
