How Much Is The Nigerian Naira To A Dollar Today?
If you’re curious how much the naira is worth today, you’ve come to the right place. You’ll find a black market exchange rate, a historical exchange rate chart, and more. In addition to the black market rate, you can also use a currency converter to see the value of your currency. The naira is up 0.01% against the dollar this week.
A currency converter is a useful tool to help you make a decision when you want to buy or sell a currency. It shows you the exchange rate between the two currencies and allows you to track your investment activities. You can also view historical rates and historical charts of both currencies for up to 365 days.
The naira is the currency of Nigeria and is subdivided into 100 kobo. It is regulated by the Central Bank of Nigeria. It is also the sole issuer of legal tender money in the country. The value of naira varies depending on the value of the U.S. dollar, the most widely used currency for international transactions. Several countries use the dollar as their official currency, while many others use it de facto. The dollar is also known locally as the greenback or the buck.
Historical exchange rate chart
A historical exchange rate chart allows you to see the value of one currency against another. The exchange rate fluctuates over time, and is determined by dividing the U.S. dollar rate by the rate of a third currency. These data are published monthly, quarterly, and yearly. If you would like to see historical rates in a particular time period, you can download historical data for the currencies of your choice from the National Archives.
The first two columns in an exchange rate chart are the country name and currency code. The third column is titled “Units/USD” and compares the five currencies listed to the U.S. dollar. The currency in the first column is the base currency for comparison, while the currency in the second column is the currency that appears after a forward slash (“/”).
Black market rate
In recent days, the United States dollar has steadily increased against the naira on the parallel market. In Abuja, the dollar was sold for 707 naira while in Lagos and Kano, the dollar was traded at 712 naira. Those figures are only indicative and should not be considered reliable. The Central Bank of Nigeria, the apex bank of Nigeria, is tasked with ensuring price stability, issuance of legal tender currency and maintenance of external reserves. In addition, it serves as an official banker for the federal government. It also seeks to promote a sound financial system and high standards in banking activities.
The Black market rate of naira to dollar is often much higher than the official rates in Nigeria. There are many factors that determine the exchange rate between two currencies. One of them is the volume of dollars in circulation. Because of this, the black market rate of naira to dollar can change in a matter of hours.
Exchange rate forecast
An exchange rate forecast is a projection of how a certain currency will move in the coming quarters. It is a complex process undertaken by currency analysts and economists who use a range of factors to make their predictions. These factors can include macroeconomic variables, interest rate differentials, sentiment, and political events. The average forecast exchange rates are then included in various surveys and some companies use these forecasts as their budget rates. The effectiveness of such forecasts depends on the underlying data, however, as currency movements are unpredictable.
Exchange rate forecasts are crucial for predicting the value of a currency in the future. Forecasting the movement of exchange rates can help traders and investors make more informed decisions. They can also help central banks make important decisions regarding the economy.
Converting naira to dollar
The Central Bank of Nigeria has warned the public against converting naira to dollar transactions and has placed a post-no debit on customer accounts. It is unclear what this means for individuals, but the CBN has taken the action against illegal currency trades in order to protect its customers. It also says it will prosecute any online platforms that do not comply with the new rule.
Since the deregulation of the economy in Nigeria, the exchange rate has become volatile. Historically, the country was able to maintain a stable exchange rate because the money supply was fixed and stable. However, after the deregulation policy in 1973, the Naira devalued by about 10%. Despite the volatility, the change in money supply did not represent a significant macro-economic issue. Before deregulation, the exchange rate was fixed and the CBN would only vary the rate if necessary.