Black Market Dollar To Naira Exchange Rate Today 16th February 2022

Black Market Dollar To Naira Exchange Rate Today 16th February 2022

Welcome to Flippstack, we have compiled dollar to naira exchange rates in Nigeria today including the Black Market rates and Bureau De Change (BDC) rate for today Wednesday 16th February 2022

The Official Exchange Rate of Dollar To Naira Today

Flippstack gathered that the exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded, showed that the naira opened at ₦415.50 per dollar on Tuesday, 15th January 2022, and closed at ₦416.00 per $1 with a change of -0.16%.

CBN Official Rate

Source: cbn.gov.ng

What is the Exchange Rate of Dollar To Naira in Black Market Today?

The Nigeria black market dollar exchange rate today to the Nigerian Naira is as follows:

Black Market Dollar To Naira Exchange Rate Today 16th February 2022

LAGOS PARALLEL MARKET RATES Wednesday, February 16th, 2022 (BLACK MARKET)

How much is the exchange rate of Dollar to Naira in the Black Market today?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦570 and sell at ₦575 on Monday, February 14th, 2022, according to data obtained from Bureau De Change (BDC).

The local currency maintains stability of its value as the exchange rate for today opens at ₦570.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 16th January 2022, in Lagos Nigeria, compared to ₦570 per dollar it opened at the beginning of the week, Monday 14th, 2022.

Even though the dollar to naira opened in the parallel market at ₦570 per $1 today, Flippstack reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Note: 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 ₦572 and the price can change (high or low) within hours.

Exchange Rate  At the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Monday, 14th February 2022, which represents a 0.16% depreciation compared to N416/$1 recorded in the previous trading session.

The opening indicative rate closed to N415.76/$1 on Monday, which represents a 45 kobo depreciation compared to N415.31/$1 recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading.

Meanwhile, forex turnover at the official window decreased by 9.3% to $76.78 million on Monday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped to $76.78 million on Monday from $84.65 million recorded on Friday 11th February 2022.

Disclaimer: Flippstack does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.