Friday, 18th 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, Friday, February 18th, 2022, for $1 dollar to naira = ₦415.85/$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 ₦415.85/$1 on Friday 18th, after it closed at ₦416.67 to a $1 on Thursday, 17th January 2022.
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 Friday, February 18th 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 ₦415.85/$1 on 18th February 2022 and closed at ₦416.75/$1. Showing a change of 0.02%.
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) has again encouraged citizens to embrace the new digital currency, eNaira.
Naija News reports that the apex bank on Thursday, noted that the introduction of eNaira in the financial system is to, among others, improve the effectiveness of monetary policy in managing inflation as well as in driving economic growth in the country.
Recall that eNaira was on October 25, 2021 launched by President Muhammadu Buhari to be used as legal tender in the country.