Today's Dollar to Naira Exchange Rate, March 1, 2022

Monday, February 28th, 2022: This is the latest news on the Dollar to Naira exchange rate, both official and black market.

Read the latest updates from Naija News on official dollar rates, as well as Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates.

What Is Today's Official Dollar To Naira Exchange Rate?

Today, Monday, February 28th, 2022, the official rate for $1 to naira is 415.67/$1.

The exchange rate between the naira and the US dollar opened at 415.67/$1 on Monday 28th, after closing at 416.00/$1 on Friday 25th January 2022, according to data from the FMDQ Security Exchange, where forex is officially traded.

According to Naija News, the dollar to naira exchange rate has remained stable at N416.69 per dollar since the start of the year.

On the black market, how much is a dollar worth in naira today?

According to sources at the Bureau De Change, on Monday, February 28th 2022, players at the Lagos Parallel Market (Black Market) buy a dollar for N571 and sell it for N576 (BDC).

Please be aware that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), and has advised individuals interested in trading Forex to contact their local banks.

Trading at the NAFEX official window

On the 28th, the naira and the US dollar exchange rate opened at 415.67/$1 and closed at 416.67/$1. There has been a 0.16 percent change.

The daily forex turnover is $80.32 million, according to FMDQ data.

Spot rate: The dollar sold for as much as 444.00 naira and as little as 410.00 naira.

The current price level in the market for directly exchanging one currency for another for delivery on the earliest possible value date is known as the spot exchange rate.

Market Turnover in Fixed Income Drops By 31.12% In January, the FMDQ Securities Exchange published its January 2022 edition of (FIC) markets analysis, which revealed that the fixed income and currencies market had a turnover of $14.13 trillion in the months.

According to FMDQ, the turnover in January was down 6.41 trillion month over month (MoM) from 20.54 trillion in December 2021.

The figures released by FMDQ also show an 8.44 percent year-on-year (YoY) increase of $1.10 trillion over the $13.03 trillion recorded in the same period in January 2021.

In its report, FMDQ Exchange also stated that total foreign exchange (FX) market turnover in January 2022 was $10.13 billion (4.222 trillion), a decrease of 38.12% ($6.24 billion) from the turnover of $16.37 billion in December 2021.