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Naira continues to depreciates despite huge efforts by the CBN in the New Year

T.I Ukende
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$100 dollar notes and N1000 captured in a dark room. Image Credit:Newsonlinenigeria.com

How much Is a Dollar To Naira Exchange Rate Today–Official Rate?

The authorized rate today, Wednesday January fifth 2022, for $1 dollar to naira = ₦426.25/$1.

As per the information at the FMDQ Security Exchange where forex is exchanged formally, conversion standard between the naira and the US dollar opened at ₦426.25/$1 on Tuesday fourth, after it shut at ₦435.00 to a $1 on Friday, 31st December 2021.

How much is swapping  of Dollar to Naira in Black Market today?

The swapping scale for a dollar to naira at Lagos Parallel Market (Black Market) players purchased a dollar for N570 and sell at N575 on Wednesday, January fifth 2022, as per sources at Bureau De Change (BDC).

If it’s not too much of a trouble, note that the Central Bank of Nigeria (CBN) doesn’t officially permits the parallel market (black market), as it has guided people who need to take part in Forex to move toward their individual banks.

Exchanging at the authority NAFEX window

The swapping scale between the naira and the US dollar opened at ₦426.25/$1 on fifth January 2022 in the wake and may close at ₦435.00/$1. Showing a difference in 1.33%.

As indicated by information from FMDQ, forex turnover remains at $150.26 million.

In the mean time, the World Bank has said Nigeria may not recuperate from its financial issues until the Nigerian Government tackle the high inflation rate in the country.

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