Tuesday, 31st May: 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 rate in nigeria 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, May 31st, 2022, for $1 dollar to naira = ₦418.54/$1.
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 ₦418.54/$1 on Tuesday 31st, after it closed at ₦420.25 to a $1 on Monday, 30th May 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 N585 and sell at N605 on Tuesday, May 31st 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 Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 585 |
| Selling Rate | 605 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦418.54/$1 on 31st May, 2022 and closed at ₦419.50/$1. Showing a change of –0.18% and a daily turnover of $98.52 million.
According to data from FMDQ, forward rate went as high as ₦453.55 and as low as ₦413.38.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦412.38.
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.
Nigerian Power Sector Revenue Shortfall Rises To N1.6tn In 2021
The Association of Nigerian Electricity Distributors (ANED) say the total shortfall in the Nigerian power sector has reached N1.6trn in eight years.
The ANED Spokesman, Sunday Oduntan, revealed that the shortfall was recorded in the fourth quarter of 2021.
In an interview with The PUNCH on Monday, Oduntan said the DisCos and GenCos were not able to recoup an investment made from projects in 2021.
Naija News learned that the CBN is currently on a tour of the DisCos to provide loans for the utility firms to meet their respective metering plans as one of the ways to tackle the shortfall.
This article was originally published on Nigeria News