Tuesday, June 28: This information relates to the exchange rate between the dollar and the naira on the black market.
Read an update on the official dollar exchange rate in Nigeria as well as Black Market, Bureau De Change (BDC), and CBN rates.
How Much Is Today’s Official Rate Of Exchange From Dollar To Naira?
Today, June 29, 2022, the official exchange rate is $421.80 to one naira.
According to information obtained from the FMDQ, where the naira is officially traded, the exchange rate between the naira and the US dollar opened at 421.80 to 1 on June 29, 2022, after closing at 421.00 on June 27, 2022.
According to reports, the dollar to naira exchange rate has remained constant at N416.69 to the dollar on average since the start of the year.
How much is a dollar currently worth in naira on the black market?
According to sources at the Bureau de Change, on Wednesday, June 29th 2022, players at the Lagos Parallel Market (Black Market) purchase a dollar for N590 and sell it for N610 (BDC).
Please be aware that the Central Bank of Nigeria (CBN) does not acknowledge the black market or parallel market and has instructed people who want to trade in foreign exchange to go to their respective banks.
Investing through the official NAFEX window
On June 29, 2022, the naira and the US dollar traded at a rate of 421.80 to 1; that day, it closed at 424.88. with a change of 0.80 percent and a $112.83 million daily turnover.
Data from FMDQ shows that the forward rate fluctuated between 436.00 and 420.00.
Spot rate: The dollar exchanged hands with the naira for as much as 444.00 and as little as 410.00.
The price at which two currencies can currently be exchanged directly on the market for delivery on the earliest possible value date is known as the spot exchange rate.
Discos payments to gencos for electricity have decreased by 50%, according to a report
According to what is known, the payment that electricity distribution companies make to generation companies for the production of electricity has decreased by 50%.
According to data from the Nigerian Electricity Regulatory Commission (NERC), DisCos were unable to fully compensate GenCos for the amount of power they generated in January 2022.
The generation companies consequently experienced a 50% decrease in revenue, according to The Punch.
Data analysis revealed that while the 26 generating plants submitted an invoice for about N72 billion, DisCos were only able to send N37 billion, resulting in a 50% reduction in the amount paid to GenCos.
The 11 utility companies collect electricity rates on behalf of the Nigerian Electricity Supply Industry, which then distributes payments to the transmission company and GenCos.
The primary feedstock used by GenCos to produce electricity is gas. Kanji received a N3 billion invoice for January, but only N1.5 billion was paid, according to a breakdown of the data.
The largest power plant in Nigeria, Egbin, submitted an invoice for N10 billion but only received N5 billion in payment. Shiroro had an invoice for N3 billion but only received N1.7 billion.
