Tuesday, 26th April 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 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, April 26th, 2022, for $1 dollar to naira = ₦417.50/$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 ₦417.50/$1 on Tuesday 26th, after it closed at ₦417.30 to a $1 on Monday, 25th April 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 N586 on Tuesday, April 26th 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 | 586 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦417.50/$1 on 26th April, 2022 and closed at ₦418.50/$1. Showing a change of 0.29% and a daily turnover of $109.43 million.
According to data from FMDQ, forward rate went as high as ₦453.15 and as low as ₦419.98.
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.
Economic Experts Raise Concerns Over N4trn Fuel Subsidy
Some economic experts have said that Nigeria’s economy cannot withstand the current adjustment of fuel subsidy to N4 trillion by the Federal Government.
According to the experts, the N4trn approved by the National Assembly for fuel subsidy portends severe economic implications to the nation’s economy with attendant social upheaval.
In an interview with Daily Independent, Chief Executive Officer of Centre For Private Enterprises, Muda Yussuf, said that the adjustment of the fuel subsidy to N4trillion would unsettle the nation’s economy by widening the unemployment net in the country.
He said because the adjustment has upset the financial position of the public finance situation, an increased poverty level was inevitable and would bite harder.
This article was originally published on Nigeria News