Dollar To Naira Exchange Rate Today, 8th July 2022

Below are some updates of exchange rate on dollar and naira concluded as at the of publishing this report, iDeemlawful reports

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Thursday, July 7th, 2022, for $1 dollar to naira = ₦426.31/$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 ₦426.31/$1 on Thursday 7th July, after it closed at ₦427.75  to a $1 on Wednesday, 6th July 2022.

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 N590 and sell at N611 on Thursday, 7th July, 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.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦426.31/$1 on 7th July, 2022 and closed at ₦428.16/$1. Showing a change of 0.10% and a daily turnover of $222.84 million.

According to data from FMDQ, forward rate went as high as ₦445.50 and as low as ₦426.00.

Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦413.50.

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.