Read Naija News update on the official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rpates.
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 ₦416.02/$1 on Wednesday 9th, after it closed at ₦416.34 to a $1 on Tuesday, 8th 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.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N572 and sell at N577 on Wednesday, March 9th 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.
The exchange rate between the naira and the US dollar opened at ₦416.02/$1 on 9th March and closed at ₦416.00/$1. Showing a change of -0.12%.
According to data from FMDQ, forex daily turnover stands at…
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.
The Central Bank of Nigeria (CBN) increased the currency in circulation from ₦2.91tn in December 2020 to ₦3.33tn in December 2021.
The data released by the apex bank revealed that the currency in circulation had increased by 19.06 per cent from ₦2.44tn recorded as of December 2019.
CBN in its report on currency operations disclosed that “the growth in CIC reflected the continued dominance of cash in the economy.”
The apex bank in its report wrote, “Analysis of the CIC shows that a greater proportion was in higher denomination banknotes (N100, N200, N500 and N1000). The higher denomination banknotes together accounted for 63.47 per cent and 98.08 per cent of the total CIC, in terms of volume and value, respectively.”
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