Naira has further devalued massively against the US dollar on the first day of May 2022, See New Exchange Rates below.
Newsonline reports that the naira exchanged at N419.00 to the dollar at the Investors and Exporters window on Friday, a -0.12 per cent depreciation, compared to 418.50 to the dollar.
The open indicative rate closed at N417.30 to the dollar on Friday.
An exchange rate of N444 to the dollar was the highest rate recorded within the day’s trading before it settled at N419.00.
The Naira sold for as low as 410 to the dollar within the day’s trading.
A total of 158.55 million dollars was traded in foreign exchange at the official Investors and Exporters window on Friday.
How much is the exchange rate of Dollar to Naira in Black Market today?
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
LAGOS PARALLEL MARKET RATES May 1, 2022 (BLACK MARKET): dollar to naira exchange rate today black market
May 1 dollar to naira black market exchange rate: $1 dollar to naira = ₦587
Lagos parallel market (black market dollar exchange rate today)
The local currency opened at N587.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 1 May 2022
Even though the dollar to naira opened in the parallel market at ₦587 per $1 today, Newsonline reports that the Central Bank of Nigeria (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.
Newsonline Nigeria reports that on the black market, the players buy a dollar for N583 and sell for N587 on Sunday morning, May 1, 2022, after they bought N583 and sold for N587 on Saturday, 30 April 2022.
Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦587 in Parallel Market also known as Black Market on Monday, April 25, 2022, in Lagos Nigeria, after it opened at #588 last week Monday, April 18, 2022.