Dollar to Naira Official Rate Today, 24th May (2022)

In this blog post, we will enlighten you on what is the dollar to naira official exchange rate today and also the dollar to naira black market rate 23rd of  May 2022. We want you to know that the dollar to naira information in this article coincides with the dollar to naira bank rate and also the CBN official exchange rate.

Notwithstanding, news on the dollar to the naira exchange rate is something that every Nigerian at home and abroad is always interested in knowing. People frequently inquire about the conversion rate of 1 dollar to naira. And it’s likely that’s what you typed into Google.

Dollar To Naira Today Official Rate

The table below contains the official exchange rate of the dollar to naira today (USDNGN)

The USD/NGN exchange rate is currently trading at 415.19 to $1, according to the CBN exchange rate website, after closing at 416.45 to $1 on the 21st of May 2022.

As the Naira depreciates, inflation takes hold of the economy, affecting citizens. Godwin Emefiele, the Governor of the Central Bank of Nigeria, has stated that the Nigerian economy needs a big turnaround and has asked Nigerians to work towards it.

This week, however, the base currency (naira) is trading above a support level of 415.19 to the quote currency, indicating a bullish trend (dollar).

READ ALSO: Top 10 Apps to Change Naira to Dollar in Nigeria

Furthermore, you may recall that the CBN has switched to the NAFEX/I&E Window exchange rate on its website, abandoning a decades-long practice of using a government-determined currency rate.

The NAFEX window is a market trading sector that allows investors, exporters, and end-users to make FX trades at market-determined rates.
Nigeria, without a doubt, runs various exchange rate windows, including the I&E (NAFEX) window, where forex is traded among exporters, investors, and buyers of currency.
The SMEIS window is where importers buy currency, while the BDC window is where retailers buy currency.

How Much Is Dollar to Naira Today In Black Market

The table below contains the black market also called the aboki dollar to the naira exchange rate as of today

According to sources at Bureau De Change, the black market exchange rate for a dollar to naira is still N570/$. The black market, often known as the Aboki market, for dollars is frequently higher than the Central Bank of Nigeria-regulated exchange rate (CBN).

The CBN Exchange rate is the rate at which you can purchase or sell USDNGN on the CBN’s dollar-to-naira website.

You should be aware, however, that the Central Bank of Nigeria (CBN) does not recognize the black market dollar to the naira exchange rate as a result of their retail market manipulation.

Individuals who want to trade in Forex should visit their respective banks to trade in the dollar to the naira exchange rate, according to the CBN.

However, one of the most serious issues with the dollar-to-naira exchange rate is the lack of transparency, which has been a source of concern for investors concerned about currency risk.

READ ALSO: Dollar to Naira Market Exchange Rate Today, 12th May 2022

 What Is The Dollar To Naira Trading  Today At The Official NAFEX Window?

On Wednesday, the Investors and Exporters window exchange rate closed at N415.75/$1, representing a 0.1 percent decrease over the previous trading session’s rate of N416.33/$1.

While on Tuesday, the opening indicative rate was N415.18/$1, down 8 kobos from the previous trading session’s N415.1/$1.

During intra-day trading, the highest rate was N444/$1 before it settled at N415.75/$1, and it sold for as low as N408/$1 before settling at N415.75/$1. On Tuesday, February 1st, 2022, forex turnover at the official window jumped by 73.9 percent to $165.3 million.

News Updates

There have been growing tensions as Naira, the country’s currency, fell to N610 per dollar on the parallel market in Lagos and Abuja over the weekend, increasing the gap between official and parallel market exchange rates to N191.

In other locations such as Ibadan, Abeokuta, and Benin City, the exchange rate was between N600 and N605 per dollar.

As of Friday, the official rate at the Investors and Exporters window was 419.02. Despite the Central Bank of Nigeria’s (CBN) adamant opposition to favoring parallel market operators, the shortage of the greenback through official channels frequently drives those in need of dollars to black market operators.

The recent jump in the black market exchange rate of the dollar, according to bureau de change sources, is attributable to increased political activity, as political parties hold their primary elections this week.

“The pressure on the naira is mainly from politicians who feel it simpler to do their transactions in the course of their politicking in dollars rather than the local currency because of the ease of portability,” a black market operator told newsmen.