Wednesday, 18th 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, Wednesday, May 18th, 2022, for $1 dollar to naira = ₦418.00/$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 ₦418.00/$1 on Wednesday 18th, after it closed at ₦418.50 to a $1 on Tuesday, 17th 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 N570 and sell at N598 on Wednesday, May 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.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 570 |
| Selling Rate | 598 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦418.00/$1 on 18th May, 2022 and closed at ₦419.25/$1. Showing a change of 0.18% and a daily turnover of $201.34 million.
According to data from FMDQ, forward rate went as high as ₦453.35 and as low as ₦432.73.
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.
Worries As Nigeria’s Q1 Trade Deficit Rose By 175%
Financial experts have expressed worries over Nigeria’s huge dependence on importation which is said to have limited the Central Bank of Nigeria, CBN’s ability to effectively manage the demand for foreign exchange.
Naija News understands that the worries heightened after financial reports showed that the value of the country’s international trade deficit rose by 175.13 per cent from $152.94m in January 2022 to $420.79m in March 2022.
The International Trade Summary sighted on the apex bank’s official website shows that the total value of international trade was $28.77bn in Q1 2022, with imports at $14.77bn and export at $14.01bn, showing a total trade deficit of N764.69m.
In January 2022, export was $4.74bn and import was $4.89, with a trade deficit of $152.94m.
The value of the trade deficit increases further in February 2022 to hit $190.96m, with export at $4.70bn and imports at $4.89bn.
A massive increase is recorded by March 2022 at a $420.79m trade deficit, with export at $4.57bn and imports at $4.99bn.
This article was originally published on Nigeria News