Dollar To Naira Exchange Rate Today, 24 March 2022

Wednesday, 23 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, Wednesday, March 23, 2022, for $1 dollar to naira = ₦415.98/$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 ₦415.98/$1 on Wednesday 23rd, after it closed at ₦417.00 to a $1 on Tuesday, 22nd 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 N570 and sell at N585 on Wednesday, March 23rd 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 ₦415.98/$1 on 23rd March, 2022 and closed at ₦417.00/$1. Showing a change of 0.00 and a daily turnover of $135.69 million.

According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦414.00.

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.

Massive Job Loss Looms As Forex Scarcity Bites Harder

Nigerians may lose their jobs following the lingering foreign exchange scarcity and the economic challenges facing the country.

Naija News understands that the exchange rate on the parallel market stood at N585/$1 and N785/£1 as against the N582/$1 last Friday.

It stated that forex scarcity comes after banks limited customers’ access to forex, placing a cap of $20 per month for online transactions.

In a chat with The PUNCH, the Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, said the forex sacrcity may lead to massive job loss in the manufacturing industry and other sectors.

He stated that manufacturers have been forced to patronise BDC operators, adding that the association had reached out to Federal Government for urgent intervention.