Truetells Nigeria reports that the official dollar rate in nigeria as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦417.23/$1 on Thursday 28th, after it closed at ₦419.33 to a $1 on Wednesday, 27th April 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 N570 and sell at N589 on Thursday, April 28th 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.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 570 |
| Selling Rate | 589 |
The exchange rate between the naira and the US dollar opened at ₦417.23/$1 on 28th April, 2022 and closed at ₦418.50/$1. Showing a change of -0.20% and a daily turnover of $146.81 million.
According to data from FMDQ, forward rate went as high as ₦453.15 and as low as ₦432.24.
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 Nigerian National Petroleum Company Limited (NNPCL) says the fuel subsidy between January and March 2022 has risen to N675.93bn.
Naija News reports that the national oil company made this known in a statement released in Abuja on Wednesday.
The NNPC said it spent N210.38bn, N219.78bn and N245.77bn as subsidy on petrol in January, February and March 2022 respectively.
According to the data released by the oil firm, it has spent N675.93bn on PMS subsidy within the three-month period.
NNPC, however, described its subsidy spending as an under-recovery of PMS/value shortfall.
Also, the NNPC has informed the Federation Account Allocation Committee (FAAC) that it will deduct or recover N671.88bn from April 2022 proceeds due for sharing at the May 2022 FAAC meeting.
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