Wednesday, 20th July: 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, Wednesday, July 20th, 2022, for $1 dollar to naira = ₦426.50/$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 ₦426.50/$1 on Wednesday 20th July, after it closed at ₦424.17 to a $1 on Tuesday, 19th July 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?
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 ₦426.50/$1 on 20th July, 2022 and closed at ₦426.58/$1. Showing a change of 0.57% and a daily turnover of $144.03 million.
According to data from FMDQ, forward rate went as high as ₦442.00 and as low as ₦426.00.
Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦414.00.
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.
A lawyer representing Africa’s largest crude producer has disclosed that Nigeria will continue its $3.5bn civil claim against Shell Plc and Eni SpA after Italian prosecutors dropped criminal proceedings against the companies.
According to Bloomberg, Nigeria which joined the case as a civil party in 2018, has plans to appeal the March 2021 ruling by a court in Milan.
Bloomberg noted that a lawyer for the Nigerian government, Olabode Johnson revealed that the Milan court had acquitted the energy giants and several of their current and former executives of corruption charges.
Prosecutors, who said on Tuesday they would not challenge the decision, had alleged executives involved in the 2011 deal to acquire an offshore oil permit knew that much of the $1.1bn paid into an escrow account controlled by the Nigerian government would be disbursed as bribes.