Dollar exchange rate to Naira today, 23 May 2022

What is the current rate of Dollar to Naira exchange rates today 23rd may 2022?

Today being Monday 23 of May 2022 the Dollar to Naira rate at the official and black market exchange rate. 

According to the data obtained from the Financial Market Infrastructure Group Warehousing (FMDQ) where Naira is trading officially, the exchange rate between the naira and the US Dollar opened at #610 on Monday , 23 May 2022.

The exchange rate for a dollar to naira at Lagos Parallel market (Black Market) players buy a dollar for #605 and sell at #610 on Sunday, 22nd May, according to sources at Bureau De Change (BDC).

Please note that the central Bank of Nigeria (CBN)  has relentlessly campaign against patronizing the parallel market operators scarcity of the greenback at the official channels often pushes those in need of dollars to Black market market operators.

“The pressure on naira is partly from politicians who consider it easier to make their transactions in the course of their politicking in dollars rather than the local currency because of the ease of portability”.

But some stakeholders are of the opinion that the weakening of the naira in the parallel market could also have been occasioned by falling external reserves, and low of foreign exchange inflows into the nation’s coffers.

The (CBN) has also directed individuals who want to engage in Forex to approach their respective banks.

Please note, that the rates you buy or sell forex may be different from what is captured in this article because price Differ.