JUST IN: Dollar To Naira Exchange Rate Today, 17 February 2022

Wednesday, 16th 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, Wednesday, February 16th, 2022, for $1 dollar to naira = ₦415.79/$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 ₦415.79/$1 on Wednesday 16th, after it closed at ₦416.00 to a $1 on Tuesday, 15th 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 N570 and sell at N575 on Wednesday, February 16th 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 ₦415.50/$1 on 16th February 2022 and closed at ₦416.50/$1. Showing a change of 0.12%.

According to data from FMDQ, forex daily turnover stands at $130.73 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.

Why Nigeria’s Economy Will Continue To Recover – Rewane

Financial expert, Bismarck Rewane says the country’s economy will continue to recover as long oil prices remain higher.

The Managing Director and Chief Executive Officer of Financial Derivatives Company made this known on Tuesday during Stanbic IBTC Holdings Plc’s webinar.

According to Rewane, the supply of COVID-19 vaccines has continued to reduce the impact of Omicron on oil demand and the effect of the Iran nuclear deal is expected to push up the nation’s oil supply to the global market.

Rewane stated that sustained oil supply concerns had helped to shore up global oil prices above $80 per barrel, adding that Nigeria’s economy will continue to recover as witnessed in the last quarter of 2021.