Thursday, 12th 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, Thursday, May 12th, 2022, for $1 dollar to naira = ₦416.50/$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 ₦416.50/$1 on Thursday 12th, after it closed at ₦418.75 to a $1 on Wednesday, 11th 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 N598 on Thursday, May 12th 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 | 598 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦416.50/$1 on 12th May, 2022 and closed at ₦420.00/$1. Showing a change of 0.30% and a daily turnover of $160.00 million.
According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦418.52.
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.
$1.6trn Required To Boost Degraded Hectares Of Land by 2030 – IFAD
The International Fund for Agricultural Development (IFAD) says it will require $1.6 trillion to restore about 1 billion hectares of land across the world by 2030.
IFAD was reacting to the figure released by the United Nations Convention to Combat Desertification (UNCCD) in its Global Land Outlook.
In a statement on Wednesday, the international body said 20 to 40 percent of the land on earth has been degraded and has directly affected nearly half of the world’s population.
It added that the degraded hectares of land has threatened roughly half of the global gross domestic products (GDP), amounting to $44 trillion, the International Fund for Agricultural Development
According to IFAD, the figure released by UNCCD prompted it to call for a significant increase in investments to help small-scale farmers protect and restore lands and ecosystems.
This article was originally published on Nigeria News