Thursday, 3rd February 2022: This is the news about the Dollar to Naira rate at the official and black market exchange rate.
Read Frank Talk Now update on the official dollar rates as well as Black Market rates, Bureau De Change (BDC) rates, and CBN rates.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Thursday, February 3rd, 2022, for $1 dollar to naira = ₦415.50/$1.
According to the data at the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦415.50/$1 on Wednesday 2nd, after it closed at ₦415.75 to a $1 on Tuesday, 1st January 2022.
Frank Talk Now 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.
READ ALSO: 2023: Why Tinubu, Osinbajo, Obi Cannot Succeed Buhari – Sowore
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 N565 and sell at N570 on Wednesday February 2nd 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.
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The exchange rate between the naira and the US dollar opened at ₦415.50/$1 on 2nd February 2022 and closed at ₦416.25/$1. Showing a change of 0.12%.
According to data from FMDQ, forex daily turnover stands at $102.07 million.
Spot rate: The dollar sold to the 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 another, for delivery on the earliest possible value date.
Meanwhile, MTN Nigeria announced that a total of 661.25 million shares worth N111.75 billion were oversubscribed by 139.47 percent during series 1 of its initial public offering.
MTN said in a statement filed Tuesday with the Nigerian Exchange Limited (NGX) that its share sale was 139.47 percent oversubscribed, with valid applications for a total of 801.97 million shares, compared to the 661.25 million shares issued.
It stated that an additional 86.25 million shares were allocated and that the offer resulted in the creation of 114, 938 new CSCS accounts, demonstrating the strength of the offer.
According to MTN, approximately 76% of successful applicants via digital platforms are female, and 85% are under the age of 40.
The company disclosed that the offer was made to qualified institutional investors via a bookbuild and to retail investors via a fixed price offer.
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