In this report, we’ll be looking at the latest Dollar to Naira exchange rate news from the official and black market exchange rates.
How Much Is Today’s Official Dollar-Naira Exchange Rate?
Today, Thursday, March 24, 2022, the official rate for one dollar to naira is $415.98/$1.
According to data from the FMDQ Security Exchange, where forex is officially exchanged, the exchange rate between the naira and the US dollar started at 415.98/$1 on Wednesday, March 23rd, after closing at 417.00 to a dollar on Tuesday, March 22nd, 2022.
According to reports, the dollar-to-naira exchange rate has remained stable at an average of N416.69 per dollar since the start of the new year.
In the black market, how much is a dollar worth in naira today?
According to Bureau De Change sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) participants is N570 for a dollar and N585 for a dollar on Wednesday, March 23rd 2022. (BDC).
Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), and has advised individuals interested in Forex to contact their respective banks.
Trading at the NAFEX official window
On March 23, 2022, the naira/US dollar exchange rate opened at 415.98/$1 and concluded at 417.00/$1. With a daily turnover of $135.69 million and a change of 0.00.
According to FMDQ statistics, the forward rate reached a high of 453.25 and a low of 414.00.
Spot rate: The dollar sold for as much as 444.00 and as little as 410.00 to the naira.
A spot exchange rate is the current market price for exchanging one currency for another for delivery on the earliest available value date.
Massive job losses are on the horizon as currency scarcity bites harder
Nigerians may lose their jobs as a result of the country’s ongoing foreign exchange shortages and economic issues.
According to Kemi Filani, the parallel market exchange rate was N585/$1 and N785/£1 as opposed to N582/$1 last Friday.
According to the report, currency shortage has arisen as a result of banks restricting clients’ access to forex by imposing a monthly restriction of $20 on online transactions.
In an interview with The PUNCH, Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria (MAN), claimed that the currency crisis might lead to enormous job losses in the manufacturing industry and other sectors.
He claimed that manufacturers have been obliged to use BDC operators, and that the group had contacted the Federal Government for immediate assistance.
