Considering the country's volatile foreign exchange market, naira keeps depreciating everyday because of the high rate of factors Influencing exchange rates and now the exchange rate affects Nigeria's economy, trade, investment, business decisions, imports and exports thereby causing hardship, difficulty and poverty in the country.
Overview on the current exchange rate
Official exchange rate depreciates to 1,652.510 NGN today worst in September.
The depreciation of naira took a massive turnover in forex (FX) following a notable shift reflecting a -0.301% change since yesterday.
How much is dollar to naira today US Dollar to Nigerian Naira conversion chart 1 USD = 1,652.51 NGN
Factors Influencing Exchange Rates
- Oil Prices
- Inflation
- Monetary Policies and
- Global Events
Now it has impacted negatively on businesses and industries take for instance, the prices of goods at the beginning and middle of the year is now double the price of recent likewise farm produce is sold at a very high cost because of the price of fuel and the cost of transportation.
Experts recommend keeping a close eye on exchange rate fluctuation to maximize the value of your transaction. For instance if you want to send money from the US to Nigeria use reliable service.