Thursday, 2nd June: 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, Thursday, June 2nd, 2022, for $1 dollar to naira = ₦418.83/$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 ₦418.83/$1 on Thursday 2nd, after it closed at ₦419.00 to a $1 on Wednesday, 1st June 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 N588 and sell at N620 on Thursday, June 2nd 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 | 588 |
| Selling Rate | 620 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦418.83/$1 on 2nd June, 2022 and closed at ₦419.50/$1. Showing a change of 0.12% and a daily turnover of $760.20 million.
According to data from FMDQ, forward rate went as high as ₦453.55 and as low as ₦419.98.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦413.00.
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.
DisCos Record 47% Revenue Increase To Hit N757bn
Despite national grid collapse and technical issues experienced last year, eleven Distribution Companies across the country reportedly recorded an increase in revenue collection to the tune of N757bn, which is a 47 per cent surge.
The development according to a statistical report was due to the implementation of the service-reflective tariff in November 2020.
The Association of Nigerian Electricity Distributors’ 2021 report on Commercial Key Performance Indicator for its members said NESI ́its revenue collection in 2021 set a new record with an increment of N241bn.
The distribution companies had in the previous year, 2020 recorded only a sum of N516bn in revenue collection, Naija News understands.
This article was originally published on Nigeria News