Dollar To Naira Exchange Rate Today, 15 February 2022

Monday, 14th 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 14th, 2022, for $1 dollar to naira = ₦415.76/$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 ₦415.76/$1 on Monday 15th, after it closed at ₦416.00 to a $1 on Friday, 11th 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 N570 on Monday February 14th 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 ₦415.76/$1 on 14th February 2022 and closed at ₦416.67/$1. Showing a change of 0.16%.

According to data from FMDQ, forex daily turnover stands at $84.65 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.

Expert Warns CBN Over Banks’ Forex Ban

The decision of the Central Bank of Nigeria to stop the sale of foreign exchange to deposit money banks has attracted reactions from financial analysts.

Pat Utomi, a renowned economist, in an interview with Punch, claimed that the decision of CBN might worsen dollar scarcity, increase inflationary pressures and fuel exchange rate shocks.

Recall that the Governor of CBN, Godwin Emefiele, last Thursday advised banks to begin plans to meet their forex needs from export proceeds as it would soon stop selling forex to them.

According to Emefiele, the decision was reached due to the apex bank’s new commitment to boosting the country’s foreign exchange reserves through proceeds from non-oil exports.