Monday, 20th June: This is the news about the Dollar to Naira rate at the official and black market exchange rate.
Read Naija News update on the official dollar rate in nigeria as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
The official rate today, Monday, June 20th, 2022, for $1 dollar to naira = ₦419.71/$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 ₦419.71/$1 on Monday 20th after it closed at ₦420.50 to a $1 on Friday, 17th June 2022.
Naija 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 N595 and sell at N610 on Monday, June 20th 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 ₦419.71/$1 on 20th June, 2022 and closed at ₦421.33/$1. Showing a change of 0.00% and a daily turnover of $46.07 million.
According to data from FMDQ, forward rate went as high as ₦435.79 and as low as ₦420.00.
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.
The Nigerian Communications Commission (NCC) has noted that Nigerians and other nationals within Nigeria in 2021 spent N3.25tn on airtime, data, and other telecommunication services.
In 2020, N2.88tn was spent, while in 2019 N2.47tn was spent on data and other services.
A report titled, ‘2021 Subscriber/Network Data Annual Report,’ by the NCC said, “Finance – This collation was based on the submissions received from service providers. It indicates that the total revenue in the sector recorded was N3.25tn.”
In 2021, 173.56 billion minutes of calls were made in Nigeria, indicating a 15.07 per cent increase from the 150.83 billion minutes of calls that were made in 2020.
The number of SMSes sent increased by 15.06 per cent from 8.22 billion in 2020 to 9.46 billion in 2021.
The revenue was generated by operators in GSM, fixed wired, Internet service provision, value service added, collocation and infrastructure sharing, and other spaces.