Dollar To Naira Exchange Rate Today, 16 March 2022

Tuesday, 15 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, Tuesday, March 15, 2022, for $1 dollar to naira = ₦416.04/$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 ₦416.04/$1 on Tuesday 15th, after it closed at ₦416.50 to a $1 on Monday, 14th 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 N575 and sell at N580 on Tuesday, March 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 ₦416.04/$1 on 15th March and closed at ₦416.50/$1. Showing a change of 0.00.

According to data from FMDQ, forward rate went as high as ₦453.15 and as low as ₦420.00.

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.

Bread Records 42%, Rice 48% Price Increases In Five Years – NBS

The National Bureau of Statistics has said the average prices of bread and rice in the country have been recording significant increases in the past five years.

Naija News reports that the bureau made this known on Monday in a report that shows the year-on-year analysis of the average prices from January 2017 to January 2022.

According to NBS shows data, bread (unsliced, 500g) and rice (agric-sold loose rice) recorded 42 per cent and 48 per cent price hikes, respectively.

As of January 2017, the average price of a loaf of bread (unsliced, 500g) was N270. It however increased to N384 by January 2022.