Via Naija News:
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 N600 and sell at N605 on Tuesday, May 24th 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 |
| Buying Rate | 600 |
| Selling Rate | 605 |
Trading at the official NAFEX window
The exchange rate between the naira and the US dollar opened at ₦418.00/$1 on 24th May, 2022 and closed at ₦419.00/$1. Showing a change of –0.32% and a daily turnover of $87.06 million.
According to data from FMDQ, forward rate went as high as ₦453.35 and as low as ₦419.98.
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.
CBN Increases Interest Rate
The Central Bank of Nigeria (CBN) has announced the increase of the interest rate to 13.5 per cent for the first time in years.
Naija News reports that the increase was made known by the CBN governor, Godwin Emefiele, on Tuesday.
He made the announcement while addressing newsmen after Monetary Policy Committee (MPC) meeting in Abuja.
The interest rate was increased from 11.5 per cent to 13.5 per cent.
On the raise, Emefiele said the MPC is suspicious there might be an aggressive accretion of inflation.
He said to prevent the looming inflation the MPC had to increase the monetary policy rate by 150 basis points.
Meanwhile, CBN retained the asymmetric corridor around the MPR at +100 /-700 basis points, Cash Reserve Ratio (CRR) at 27.4 %, and Liquidity Ratio (LR) at 30%.
