Thursday, 5th 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 5th, 2022, for $1 dollar to naira = ₦417.40/$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 ₦417.40/$1 on Thursday 5th, after it closed at ₦418.00 to a $1 on Wednesday, 4th 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 N587 on Thursday, May 5th 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 | 587 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦417.40/$1 on 5th May, 2022 and closed at ₦419.00/$1. Showing a change of 0.24% and a daily turnover of $108.24 million.
According to data from FMDQ, forward rate went as high as ₦448.00 and as low as ₦416.00.
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.
Bank Deposits Rise To N16.89tn In Three Months – CBN
The Central Bank of Nigeria has disclosed that banks demand deposits rose by N1.1tn in three months to N16.89tn as of the end of March.
The figure released by the apex bank revealed that the deposit which stood at N15.81tn at the end of January, rose to N16.17tn in February.
A demand deposit account offers access to depositors’ money without requiring advance notice, by allowing the depositor to withdraw money on demand and as needed.
According to CBN, the currency in circulation fell by N42.43bn between January and March.
The apex bank further stated that currencies, which stood at N3.29tn as of the end of January, fell to N3.25tn by the end of March.
This article was originally published on Nigeria News