Thursday, 2nd June: This is the news about the Dollar to Naira rate at the official and black market exchange rate.
Check our update on the official dollar rate in nigeria as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Wednesday, June 1st, 2022, for $1 dollar to naira = ₦418.21/$1.
According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦418.21/$1 on Wednesday 1st, after it closed at ₦419.50 to a $1 on Tuesday, 31st May 2022.
Ibomdailymail reports that the dollar to naira exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.
How Much Is A Dollar To Naira Today In The Black Market?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N583 and sell at N610 on Wednesday, June 1st 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.
Dollar To Naira Black Market Rate Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Trading At The Official NAFEX Window
The exchange rate between the naira and the US dollar opened at ₦418.21/$1 on 1st June, 2022 and closed at ₦419.00/$1. Showing a change of –0.12% and a daily turnover of $171.98 million.
According to data from FMDQ, forward rate went as high as ₦453.05 and as low as ₦432.82.
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.
The National Bureau of Statistics has revealed in its latest report that the contribution of the Information and Communication sector to Gross Domestic Product plummeted in the first quarter of 2022.
The sector’s contribution according to the report fell by nine per cent from N3.1tn in the fourth quarter of 2021 to N2.81tn in the first quarter of 2022.
In the data made available to the public, NBS noted that 15.21 per cent and 16.20 per cent contributions were made to the GDP in Q4 2021 and Q1 2022 respectively, Naija News reports.
In Q4 2021, the total real GDP was N20.33tn and N17.35tn in Q1 2022. According to the statistics body, the sector is composed of the activities of telecommunications and information services; publishing; motion picture, sound recording, and music production; and broadcasting.