The Dollar to Naira today Friday, March 25, 2022, stands at N416.30/$1 according to exchange rates from the Central Bank of Nigeria. This figure shows that the local currency continues to maintain stability through the week as it has maintained the N416.00~ range since the start of the exchange window this week.
Observation by Investors King also shows that the local currency has maintained the N416.00~ range in the dollar to naira exchange market since the start of the year.
Also, with the Pounds Sterling and the Euros, Naira maintained the range from the previous exchange window. Naira to Pounds Sterling and Euros currently sit at N549.783/£1 and N457.4588/€1 respectively.
Dollar To Naira Today in The Black Market
At the unregulated black market where various factors influence the exchange rates between Peer-to-Peer, Investors King gathered that exchange between the Dollar and Naira currently ranges from N580/$1 to N585/$1. The rates are different from location to location across the country.
‘BDC Ban Stabilised The Naira’ – CBN
The Central Bank of Nigeria has devised a number of means to help the struggling Naira in the exchange market and one of these policies was the 2021 ban on Bureau de Change (BDCs) operators across the country. The ban sparked a number of reactions across Nigeria with a number of experts criticising the CBN Policy.
However, in recent news, the CBN governor, Godwin Emefiele has insisted that the ban on BDCs has helped stabilise the local currency: As a result of our demand management policy, the naira has remained largely stable at the I & E window, particularly since the discontinuation of FX allocation to Bureau De Change operators along with the convergence between the CBN and NAFEX rates. Banks are now able to meet the demands of their customers seeking forex for SMEs, school fees, medical and PTAs,” The CBN Governor, represented by Mr Edward Adamu, Deputy Governor, Corporate Services, CBN, disclosed.
The Stability of The Naira
Investors King has observed that the naira has maintained a fairly stable outlook in 2021, and in 2022. Pivoting from N411.50/$1 in August to N414.33/$1 in December 2021 and maintaining the value through January. However, since February 2022, the naira has maintained a N416.98/$1.
Cryptocurrency Today
In the digital currency exchange market, Bitcoin showed huge improvement. The digital currency showed a 3.52% increase that represents N18.29 million/1BTC against the previous value of N17.68 million/1BTC.
Ethereum also showed a 3.43% increase which represents N1.30/1ETH against the previous value of N1.25/1ETH.