Latest Dollar To Naira Exchange Rate Today [2nd March 2022]

dollar to naira black market
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Latest Dollar To Naira Exchange Rate Today

Latest Dollar To Naira Exchange Rate Today 2nd March 2022

On this page, we compiles Latest dollar to naira exchange rates daily during the week so our readers can easily have access to the rates the American dollar exchanged against the naira each day for the week.

GbExtra Media reports that the dollar to naira exchange at the official market, as well as, at the parallel market otherwise known as the black market for each day during the week will be accessed by our readers.

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How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Tuesday, March 2, 2022, for $1 dollar to naira = ₦416.09/$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 ₦416.09/$1 on Wednesday 2nd, after it closed at ₦415.69 to a $1 on Tuesday, 1 March 2022.

GbExtra reports that the dollar to naira exchange rate has maintained an average of N415.69 to a dollar since the beginning of the new year.

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How much is a Dollar to Naira black market today?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N571 and sell at N576 on Tuesday, March 2nd 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.

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IMPORTANT NOTE: Please note that the exchange rate changes hourly. It depends on the volume of dollars available and the Demands.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦415.67/$1 on 1st march closed at ₦416.67/$1. Showing a change of 0.16%.

According to data from FMDQ, forex daily turnover stands at $80.32 million. 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.
Fixed Income Market Turnover Drops By 31.12% In January

FMDQ Securities Exchange in its January 2022 edition of (FIC) markets analysis disclosed that turnover in the fixed income and currencies market in the months stood at ₦14.13 trillion.

According to FMDQ, the turnover in January represent a month-on-month (MoM) decrease of ₦6.41 trillion from ₦20.54 trillion in December 2021.

The figures released FMDQ also represent a year-on-year (YoY) increase of 8.44 per cent (₦1.10 trillion) over ₦13.03 trillion recorded in the corresponding period in January 2021 respectively.

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FMDQ Exchange in its report also noted that the total foreign exchange (FX) market turnover in January 2022 was $10.13 billion (₦4.22 trillion), representing an MoM decrease of 38.12 per cent ($6.24 billion) from the turnover of $16.37 billion recorded in December 2021.

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