Dollar To Naira Exchange Rate Today
On this page, we compiles 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 gathered that the exchange rate for a dollar to naira at Parallel Market (Black Market) is buying a dollar for ₦570 and sell at ₦575 on saturday, February 12th, 2022, according to data obtained from Bureau De Change (BDC).
IMPORTANT NOTE: Please note that the exchange rate changes hourly. It depends on the volume of dollars available and the Demands. What it means is that, you can buy or sell 1 dollar at ₦571 and the price can change (high or low) within hours.
Dollar To Naira Exchange Rate Today 14th February 2022
While the naira opened at the official rate of ₦415.77 per dollar on Monday, February 14th, 2022.
Experts picture of what could happen if CBN stops the sale of forex to banks
A recent comment by the Governor of the Central Bank of Nigeria, Godwin Emefiele, caused sparked a shock in the financial services sectors with regard to the forex market.
While speaking at the special press briefing at the end of the 364th Bankers’ Committee meeting on the launch of the bank’s new forex repatriation scheme ‘RT200 FX Programme’ on Thursday, February 10, 2022, at its headquarters in Abuja, Mr Emefiele indicated that the CBN may discontinue the sale of forex to Deposit Money Banks by the end of the year.
Emefiele had stated that banks must begin to source their forex from the export proceeds market, where they may match their import demands with export proceeds, insisting the decision was in accordance with the CBN’s commitment to increase the country’s foreign reserves through non-oil export profits.
Dollar cost averaging: Timing the market vs time in the market
The stock market is relatively very volatile; astronomical changes can occur in very short periods of time. In fact, it is said that half of the gains of stock, if held for 40 years, is contributed by just the best 10 days.
In the same vein, if you successfully missed the 10 worst days while holding a stock for forty years, your capital gain at the end of the 40 years would be about 100% up.
The analogy might be considered hypothetical but it attempts to show why good entries and good exits are very important in the market. Many investors spend a great deal of time trying to predict the best entries and exits for stocks because, as has been shown in the analogy above, getting in on a good day or getting out on bad day can be really rewarding.