Tuesday, 8th 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, Tuesday, February 8th, 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 Tuesday 8th, after it closed at ₦416.50 to a $1 on Monday, 7th 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 N567 and sell at N572 on Tuesday February 8th 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 8th February 2022 and closed at ₦416.67/$1. Showing a change of 0.04%.
According to data from FMDQ, forex daily turnover stands at $125.10 million.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦404.00
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.
Nigeria To Make ₦66bn Daily As Crude Oil Price Hits $93
Nigeria has witnessed the highest increase in the price of crude oil, a percentage said to be the highest of its kind in the last seven years.
Due to the development, there is a prospect the country could make sixty-six billion from crude oil per day henceforth.
Naija News understands that the price of Brent appreciated by $2.16 or 2.37 per cent to $93.27 per barrel last Friday.
This occurred in the midst of the Russia-Ukraine conflict and a strong cold in Texas, which halted some US oil output.
For Nigeria, crude oil sales of such was last recorded in 2014 and that has been the benchmark.