The Foreign Exchange Market for the Nigerian Economy

The central bank of Nigerian has promised to make the exchange of the naira more flexible. However, external pressures have pushed the value the value of the naira southwards when compared to the dollar. This has been caused by high dependence on imports in the Nigerian economy. As a result, the government has kept aside the free market policy to pegging the price of one US dollar at 310 nairas. The process is far complicated due to lower exports from the Nigerian economy. The recent elections held in November 2017 where Donald Trump won have led to more anxieties at the future of the naira. Many people are worried that the naira my sink even to 1000 per dollar. There has been a high inflation rate in Nigeria which is also contributing to the current trend in the exchange rates Dollar to Naira: Convert USD to NGN Using Current Exchange Rate .

Peeping through the black market, the price of the naira has gone far down uncontrollably. It is possible to buy 480 nairas at one dollar. This translates to 4800 NGN for 100 dollars. The "buy ninja promote naira" campaign has not registered remarkable success. The intention of the campaign was to cushion Nigeria economy from a slump due to currency fluctuations. The oil slump saw Nigeria currency depreciate against major currencies including the USD. Since the Nigerian needs more of imported goods, they have been chasing the dollar in the black market. The Nigerian authorities are finding it difficult to control the exchange rate.

If you are planning to buy from Nigeria, you will find that their currency is currently exchanging at around 310 nairas per dollar in the official market and around 480 nairas per dollar in the black market. There are many online and offline vendors who can do the 1 usd to ngn exchange services for you. You only need to seek for the best services where you are offered free transfer services. There are differences in the exchange rate depending on different vendors. The sellers of these currencies are always looking for the best deal. You need to keep on checking the current exchange rates until you get the best deal. Exchange rates are updated daily, and that is why you need to keep a checking eye.

This information is essential if you are targeting to buy goods from Nigeria. A slight fall in the price of the naira can give you greater margins when selling the USD. The indicators of a strong dollar compared to the naira are on the rise.