Dollar to Naira exchange rate / Black market rate – Naira opens at ₦415.18

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Tuesday, February 1, 2022: Here is the news regarding the exchange rate of the dollar against the naira at the official and black market exchange rate.

Read Naija News update on official dollar rates as well as Black market rates, Bureau de change (BDC) rates, and CBN rate.

The official rate today, Tuesday, February 1, 2022for $1 dollar in naira = ₦415.18/$1.

According to data at FMDQ Security exchange where forex is officially traded, the exchange rate between the naira and the US dollar has opened at ₦415.18/$1 on Tuesday 1st, after it closes at ₦415.33 at $1 on Monday, January 31, 2022.

Naija News reports that the dollar to naira The exchange rate has maintained an average of 416.69 naira per dollar since the start of the new year.

How much is a dollar to a naira today on the black market?

The exchange rate of a dollar to naira in Lagos Parallel market (black market) players buy a dollar for N560 and sell at N565 on Tuesday, February 1, 2022, according to sources at Currency Exchange (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 approach their respective banks.

Trade to official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦415.18/$1 on February 1, 2022 and closed at ₦415.75/$1. Display of a change of 0.10%.

According to data from FMDQdaily forex turnover is $165.30 million.

Spot rate: Dollar sold to naira as high as ₦444.00 and as low as ₦408.00

A spot exchange rate is the current price level in the market to directly exchange one currency for anotherfor delivery on the earliest possible value date.

Meanwhile, there is a general saying that the take home pay of most Nigerian workers cannot “bring them home”, hence most of them usually look for additional ways to find money to meet their financial needs.

This has probably led to the high growth rate of loan application sites, but many have been discovered to just promise and not deliver.

Others who actually give funds to their clients have become loan sharks, adopting unconventional means to pursue their clients who may default as there is usually no collateral involved.

But amid all this, reports Naija News, some banks are offering loan services approved by the Central Bank of Nigeria (CBN) from which workers, especially monthly wage earners, can obtain “payday” loans.

Payday loan is a type of short-term borrowing where a lender will extend high-interest credit to customers based on your income (but some banks offer both salaried and non-salaried people).

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