FOREX CRISIS: Naira Nears N1000/1$, Raises Concerns Amid CBN Probe

3 June 2022: See How Much Naira Exchange To Dollar Today

by Victor Ndubuisi
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Anaedoonline.ng keeps you up to speed on Nigeria’s official dollar rate, as well as Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) prices.

What Is Today’s Official Dollar To Naira Exchange Rate?

Today, Thursday, June 2nd, 2022, the official rate for $1 to naira is 418.83/$1.

The exchange rate between the naira and the US dollar began at 418.83/$1 on Thursday 2nd, after closing at 419.00/$1 on Wednesday 1st June 2022, according to data acquired from the FMDQ, where Naira is officially exchanged.

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According to Anaedoonline.ng, the dollar to naira exchange rate has remained stable at N416.69 per dollar since the start of the year.

On the black market, how much is a dollar worth in naira today?

According to reports at the Bureau De Change, on Thursday, June 2nd 2022, participants in the Lagos Parallel Market (Black Market) buy a dollar for N588 and sell it for N620 (BDC).

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), and has advised anyone interested in trading Forex to contact their local banks.

Today’s black market rate of the dollar to the naira

The Buying Rate is 588, while the Selling Rate is 620.

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Trading at the NAFEX official window

On June 2, 2022, the naira and the US dollar exchange rate started at 418.83/$1 and finished at 419.50/$1.
With a daily turnover of $760.20 million and a change of 0.12 percent.

According to FMDQ statistics, the forward rate reached a high of 453.55 and a low of 419.98.

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Spot rate: The dollar reached a high of 444.00 and a low of 413.00 against the naira.

The current price level in the market for immediately exchanging one currency for another for delivery on the earliest feasible value date is known as the spot exchange rate.

 

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