Dollar To Naira Exchange Rate For Today 16 May 2022 [ Official Rate]

Find below, Dollar to Naira exchange rate for today, 16 May 2022, official and black market rates.

NewsOne has obtained the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.

What Is The Official Exchange Rate For Dollar To Naira Today?

The exchange rate between the Naira and the US dollar at the official forex market showed that the Naira opened at  ₦415.8249 per dollar on Monday, May 16, 2022, after closing at ₦414.605 per $1 Sunday, May 15, 2022.

Exchange Rate of Dollar To Naira in The Parallel Market [black market]

Newsone Nigeria reports that on the black market, the players buy a dollar for N590 and sell for N595 on Monday, May 16, 2022, after they bought N589 and sold for N589 on Sunday, May 15, 2022.

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Meanwhile, Newsone Nigeria reports that the USD started this week at ₦595 in Parallel Market also known as Black Market on Monday, May 16, 2022, in Lagos Nigeria, after it opened at 588 last week Monday, May 9, 2022.

Even though the dollar opened in the parallel market for ₦588 per $1 today, the CBN does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

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“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.

Checks by Newsone Nigeria reveal uncertainty in the market as prices move up and down in a directionless manner, thereby making it unreliable.

Disclaimer: Newsone Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.