Dollar To Naira Exchange Rate, July 01, 2022

By Tolulope Oke

The US Dollar exchange trade rate to the Nigerian Naira is ₦415.77/1$ according to the Central Bank of Nigeria (CBN) today, July 01, 2022.

The Naira remained flat against the American currency in the CBN trading segment as the same value was concluded on Wednesday.

The initial US Dollar rate commenced the week at  415.64/1$ on Monday, implying the Dollar witnessed a 0.03% increase against the weekly local currency.

At the official exchange rate window (I & E),  the value of Naira recorded a decline to the Dollar on Thursday, falling by 17 Kobo or 0.04 percent, closing at N425.05/$1 as opposed to the N424.88/$1 it was traded at on Wednesday.

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According to data from the FMDQ Securities Exchange, the turnover at the Investors and Exporters (I&E) window of the foreign exchange market was low coupled with the inability of traders to meet the demands of their customers which duly contributed to the decline of Naira yesterday.

Meanwhile, the black market maintained a flat exchange rate, as traders sold the currencies at N590/1$ in minimum value to as high as N612/1$.