Wednesday, 8th June: This is the news about the Dollar to Naira rate at the official and black market exchange rate.
Read Benco News 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 8th, 2022, for $1 dollar to naira = ₦420.15/$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 ₦420.15/$1 on Wednesday 8th after it closed at ₦420.75 to a $1 on Tuesday, 7th June 2022.
Bench News 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 N585 and sell at N610 on Wednesday, June 8th 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 ₦420.15/$1 on 8th June, 2022 and closed at ₦420.25/$1. Showing a change of -0.12% and a daily turnover of $82.60 million.
According to data from FMDQ, forward rate went as high as ₦452.55 and as low as ₦419.98.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦413.00.
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.
Nigeria’s Debt With China Hits $3.67bn As Imports Rise By 183.91%
Nigeria’s borrowing from China so far has accumulated to 89.94 per cent to hit $3.67bn.
Due to collaborations with the country over the years, China has been considered Nigeria’s largest bilateral lender, Naija News reports.
A recent report by the Debt Management Office revealed that about $3.12bn of the loans from China are project-tied and include 11 projects such as the Nigerian Railway Corporation’s modernisation project, Abuja Light Rail project, Four Nigerian airports’ terminals expansion project (Abuja, Kano, Lagos, and Port Harcourt), and more.
Meanwhile, the National Bureau of Statistics data on foreign trade, unveiled that China is responsible for most of the imports into Nigeria.
From the data, Nigeria’s imports from China had rose by 183.91 per cent from N530.98bn in the first quarter of 2018 to N1.51tn in Q1 2022.