Dollar To Naira Exchange Rate Today, 14 March 2022

Friday, 11 March 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, Friday, March 11, 2022, for $1 dollar to naira = ₦416.21/$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 ₦416.21/$1 on Friday 11th, after it closed at ₦416.50 to a $1 on Thursday, 10th March 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 N572 and sell at N577 on Friday, March 11th 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 ₦416.21/$1 on 11th March and closed at ₦416.50/$1. Showing a change of -0.04.

According to data from FMDQ, forward rate went as high as ₦453.15 and as low as ₦432.13.

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.

Forex – The Dollar Retreats Against The Russian Ruble And The Currencies Of Eastern Europe

Eastern Emerging Market Currency Pairs Decline. Can they keep going higher?

If the US dollar continues to rise in forex against the Russian ruble, then given the strong correlations, emerging markets in Eastern Europe could rise with it!

The Central Bank of Russia has resumed quoting Russian ruble pairs. However, this does not mean that it is available for traders. Many brokers currently do not offer Russian ruble trading to their clients due to the extreme forex volatility, low liquidity and very wide spreads that ruble pairs have been experiencing since the invasion began. However, Eastern European emerging market currencies continue to have a strong correlation with the Ruble and the USD/RUB pair on the daily time frame.

Polish Zloty (PLN)

The USD/PLN pair has a correlation coefficient of +0.94 with the USD/RUB pair on the daily time frame. A reading of +1.00 is a perfect positive correlation and means both pairs are moving in the same direction 100% of the time. A reading of +0.94 is pretty close. USD/PLN hit a low of 3.9132 on February 10, the day before the US announced that an invasion by Russian forces could take place any day.