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 on Thursday, February 17th, 2022, for $1 dollar to naira = ₦416.00/$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 ₦416.00/$1 on Thursday 17th, after it closed at ₦416.50 to a $1 on Wednesday, 16th 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.
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 N570 and sell at N575 on Thursday, February 17th 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.
The exchange rate between the naira and the US dollar opened at ₦416.00/$1 on 17th February 2022 and closed at ₦416.67/$1. Showing a change of 0.04%.
According to data from FMDQ, forex daily turnover stands at $127.02 million.
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Spot rate: The dollar sold to the naira as high as ₦444.00 and as low as ₦410.00.
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.
Private Sector Loan Borrowing From Commercial Banks Hit N36.7trn — CBN
The Central Bank of Nigeria, CBN, has revealed that private sectors in the country borrowed not less than N5.1 trillion from commercial banks in the year 2021.
The apex bank in its Money and Credit statistics published on its official website noted that total credit to the private sector now stands at N36.7 trillion.
On a year-on-year basis, credit to the private sector rose by N5.6 trillion, from N30.1tn recorded in December 2020 to N35.7 trillion in December 2021.
According to CBN data, total loans to the private sector grew from N30.6tn in the first month of 2021 to end the year N35.7tn by December representing a 16.67 per cent increase.
Except for February, the CBN’s drive to ensure commercial banks offer more loans to companies was evident throughout the year.
From January N30.6 trillion private sector loans it increased to N30.5 trillion indicating a drop of N100 billion.
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