Dollar To Naira Exchange Rate Today, 11 April 2022
Dollar To Naira Exchange Rate Today, 11 April 2022
Friday, 8 April 2022: This is the news about the Dollar to Naira rate at the official and black market exchange rate.
Read Ezenwoko’s Blog update on the official dollar rate in nigeria as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
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The official rate today, Friday, April 8th, 2022, for $1 dollar to naira = ₦416.17/$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 ₦416.17/$1 on Friday 8th, after it closed at ₦416.67 to a $1 on Thursday, 7th April 2022.
Ezenwoko’s Blog 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 N585 and sell at N610 on Friday, April 8th 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 | 585 |
| Selling Rate | 610 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦416.17/$1 on 8th April, 2022 and closed at ₦416.67/$1. Showing a change of 0.00% and a daily turnover of $108.28 million.
According to data from FMDQ, forward rate went as high as ₦453.15 and as low as ₦418.50.
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.
The Central Bank of Nigeria (CBN) has fined GTBank, Access Bank, UBA, and Stanbic IBTC for forex exchange violations.
Ezenwoko’s Blog understands that the total sum of N1.36 billion was debited from the accounts of the four banks during the 2021 period with GTbank getting the king share of the fines.
This is coming at a time banks have limited monthly international web dollar spend of customers to $20, starting from March 2022.
GTbank was fined N690m by the financial regulator. The fine was majorly due to the transaction of betting and gaming companies.