There have been many factors in the recent that has rocked the foreign exchange market. The fall of oil prices has touched on the Nigerian naira value which has lowered. Consequently, the value of the naira has fallen with a great margin as compared to the US dollar. The official figures have changed for 1 USF for 300 NGN to 1 USD for 315 NGN. However, this is not the entire story as you can get more naira on the black market. In the black market, 1USD sells for 480 NGN down from 400 NGN. As such 100 USD yield 48,000 NGN in the black market.
This drop in the price of the naira has also been fueled like any other by the recent US elections. US elections importance goes to the nerve of every country. The Trump win, in particular, has sent chills to many countries in Africa and Mexico. The Mexican currency has already eroded in value.
These rates are not fixed and fluctuate every day as you could read at
. Forex updates are done daily, and you should keep checking daily for the new price. Otherwise, the equilibrium price is only informative and not binding. If you want to sell your dollar, make sure you have adequate information. Currency vendors may sell the currencies at different prices. A small differentiation in the price of naira will have critical importance for the money you get as a result. Perhaps, you should look for the day when the price of naira is low.
Demand for imports from the US by Nigerians is high while the exports are less. This means that the price of the dollar will continue to be high even in the future. Nigeria depends mostly on oil production and the demand for oil products may not be rising much due to alternative sources of energy. The Nigerians also love foreign products as they attach them to prestige. This means that the dollar will continue to have a higher edge when it comes to currency trading like
dollar to naira today
Among varies players in the market are banks, central banks, vendors and the brokers. They all have an influence on the price of the dollar about the naira. The higher demand for the dollar has been restricted by the government in the "buy ninja, promote naira campaign" in a bid to promote Nigerian self-sufficiency and domestic industry. The campaign could not lower the Nigerian appetite for the US products and the demand for black market exchanges have grown high. The price of the USD in the black market has risen at a higher rate than in the legal channels.