Friday, 25 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 25, 2022, for $1 dollar to naira = ₦416.28/$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 ₦416.28/$1 on Friday 25th, after it closed at ₦416.00 to a $1 on Thursday, 24th 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 N585 on Friday, March 25th 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 ₦416.28/$1 on 25th March, 2022 and closed at ₦416.33/$1. Showing a change of 0.08 and a daily turnover of $119.64 million.
According to data from FMDQ, forward rate went as high as ₦452.25 and as low as ₦416.08.
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.
Petrol Import Hits N3.97tn, Jumps By 88% In 12 months
The National Bureau of Statistics have disclosed that the value of imported Premium Motor Spirit, also known as petrol, jumped by 88.15 per cent to N3.97tn in 2021.
According to the reports by NBS, the value of petrol import rose by N1.86tn or 88.15 per cent higher than the N2.11tn worth of PMS imported in 2020.
The Nigerian National Petroleum Corporation is the sole importer of petrol into the country in recent years.
Private marketers are yet to resume petrol importation due to a lack of full deregulation of petrol prices and access to foreign exchange at the official rate.
The NBS report further revealed that PMS, used vehicles and durum wheat topped the list of items imported by Nigeria in 2021, jointly accounting for 28.9 per cent of the total import bill recorded in the year under review.
As a result of the war between Russia and Ukraine, the prices of crude oil have increased significantly in the global market, which has also affected the landing cost of petrol, indicating that Nigeria will spend more this year.
According to the NBS report, Nigeria imported goods worth over N20.84tn in 2021, indicating an increase of 64 per cent compared to the N12.7tn recorded in the preceding year.
This article was originally published on Nigeria News