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Read Naija News update on the official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
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 ₦415.88/$1 on Tuesday 22nd, after it closed at ₦416.25 to a $1 on Monday, 21st 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.
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 Tuesday, March 22nd 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.
The exchange rate between the naira and the US dollar opened at ₦415.88/$1 on 22nd March, 2022 and closed at ₦417.00/$1. Showing a change of 0.18 and a daily turnover of $78.71 million.
According to data from FMDQ, forward rate went as high as ₦453.25 and as low as ₦420.00.
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.
Global oil benchmark, Brent crude has appreciated amid crisis in Europe involving Russia and Ukraine.
A trade report on Monday showed Brent crude price leaping by 7.3 per cent or $7.88 to $115/barrel at 7.54 pm Nigerian time, Naija News understands.
This is happening at a time European Union nations is puzzled with the thought of joining the United States in placing a ban on Russian oil.
Industry figures showed that the commodity has been gaining at the price for about a week, as more nations impose sanctions on Russia over its war in Ukraine.
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