Friday, 18 March 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, March 18, 2022, for $1 dollar to naira = ₦415.90/$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 ₦415.90/$1 on Friday 18th, after it closed at ₦416.67 to a $1 on Thursday, 17th March 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 N590 on Friday, March 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 ₦415.90/$1 on 18th March, 2022 and closed at ₦416.50/$1. Showing a change of -0.04.
According to data from FMDQ, forward rate went as high as ₦432.10 and as low as ₦423.85.
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.
Fuel Subsidy: NNPC To Withdraw ₦242.53bn From Federation Account
Nigerian National Petroleum Company Limited, NNPC, has said it will make withdrawal of N242.53bn from the Federation Account Allocation Committee account as subsidy for Premium Motor Spirit.
The said sum as contained in the firm’s latest presentation to the FAAC meeting in Abuja on Friday will be deducted this month, Naija News reports.
Although it described the proposed subsidy deduction as a value shortfall, NNPC noted that the fund would be recovered from February 2022 proceeds due for sharing in the March 2022 FAAC meeting.
In February 2022, the oil firm remitted no money to FAAC due to its huge fuel subsidy spending and subsequent deduction from the Federation Account, Naija News understands.
This article was originally published on Nigeria News