How Much Is Dollar To Naira Exchange Rate Today Black Market { Updated Daily }

How Much Is Dollar To Naira Exchange Rate Today Black Market { Updated Daily }

The Naira to Dollar exchange rate though pegged at an official rate of N305 per $1 had been at what could be described as freefall in the black market.

Naira Exchange Rate Today Black Market

Naira Exchange Rate Today Black Market

Though in recent days it has been fluctuating, currently at a rate of This rate isn’t encouraging, in fact, many Nigerians now spend more buying less, an act that shouldn’t be. I would be highlighting below reasons why it is so. To check this page for any changes in the dollar rate, save or bookmark the link below.

Naira Exchange Rate Today Black Market

 

   British Pound0.0021471.3
    Euro0.0023425.7
    Swiss Franc0.0027371.4
    American Dollar0.0028361
    Australian Dollar0.0035286.7
    Canadian Dollar0.0035285.4
    Chinese Yuan Renminbi0.018653.72
    Russian Ruble0.1666.017
    Indian Rupee0.1765.668
    Japanese Yen0.3073.261
  Algerian Dinar0.2993.34
    American Dollar0.0028361
    Argentine Peso0.048920.44
    Australian Dollar0.0035286.7
    Bitcoin1173464
    Brazilian Real0.0087115.3
    British Pound0.0021471.3
    Bulgarian Lev0.0046219.1
    Canadian Dollar0.0035285.4
    Chilean Peso1.80.5554
    Chinese Yuan Renminbi0.018653.72
    Croatian Kuna0.017357.82
    Czech Koruna0.061416.3
    Danish Krone0.017557.21
    Egyptian Pound0.049220.34
    Ethereum95125
    Euro0.0023425.7
    Hong Kong Dollar0.021746.16
    Hungarian Forint0.7161.397
    Iceland Krona0.2913.432
    Indian Rupee0.1765.668
    Indonesian Rupiah36.90.0271
    Iranian Rial90.90.011
    Israeli New Shekel0.0199.66
    Japanese Yen0.3073.261
    Korean Won3.120.3203
    Malaysian Ringgit0.011984.31
    Mexican Peso0.049620.18
    New Zealand Dollar0.0037267.2
    Norwegian Krone0.02245.51
    Pakistan Rupee0.2923.427
    Philippine Peso0.1397.171
    Polish Zloty0.01100.3
    Qatari Rial0.010199.14
    Romanian Leu0.010793.36
    Russian Ruble0.1666.017
    Saudi Riyal0.010496.27
    Serbian Dinar0.2783.594
    Singapore Dollar0.0038265.3
    South African Rand0.037126.96
    Sri Lanka Rupee0.4252.353
    Swedish Krona0.022544.37
    Swiss Franc0.0027371.4
    Taiwan Dollar0.083611.97
    Thai Baht0.092110.85
    Turkish Lira0.0098102.3
    Ukraine Hryvnia0.071613.97
    Un. Arab Emirates Dirham0.010298.3

Some Major Reasons For High Dollar To Naira Exchange Rate Today Black Market

IMPORTATION IS ON THE HIGH SIDE

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Nigeria as a country imports more than it export, which shouldn’t be so. The ridiculous part of the whole scenario is we bring in things like pampers and toothpick making us more of a consumer country rather a producing one. You may think there is nothing wrong with this but a closer look into our economy would show you that we are strengthening the dollars against the Naira since most international transactions are in dollars. We need to become a producing country so we could have more to export aside oil.

NIGERIANS OBSESSION FOR FOREIGN PRODUCT A CAUSE OF Naira Exchange Rate Today Black Market

In Nigeria, make a quality product and label it ‘made in Nigeria,’ and you would see a low level of patronage. In the other way round, make an inferior product and label it made in US, Italy, Japan or even China and you would see how it would be rushed. This obsession with foreign goods had made our importers import more exchanging our Naira for the dollars which have decreased the value of Naira.

This obsession had even gone to another level that we now prefer services rendered by persons from foreign countries who would demand to payment in their currency rather than our own. Nigerians fly out to study outside the country and go for other services like medication, conferences, seminars, etc. It would be better if we can strike a balance in this. There is a recent campaign in Nigeria which is the ‘buy 9ja to grow the Naira,’ many people had no yet accepted it.

LOOTING OF PUBLIC FUND

public officers who are supposed to be custodians of our collective wealth had turned around to become the ones looting it. When they loot, they change this money into the dollar and stock them in foreign accounts, this had been the major source of Naira devaluation.

FALL IN OIL PRICE

It is no news that Nigeria demands largely on oil exports for its revenue and it is also no news that this oil has lost value in the world market in recent years due to various reasons. This had led to a reduction in our revenue which had also affected the Naira. If only we can diversify to grow the Naira.

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GOVERNMENTAL POLICIES AFFECTING DOLLAR TO Naira Exchange Rate Today Black Market

The policies have been made by the Government had been a reason to. Just recently, there had been an outcry from some quarters that the Government had technical devalued the Naira, an allegation that the Government denied. Either way, many foreign investors had lost trust in the economy and had refused to invest. This among other reason had been the reason Naira is depreciating against the dollar.

In conclusion to How Much Dollar To Naira Exchange Rate Today Black Market , I would like both the citizens and the Government to give a helping hand to the Naira before it becomes an object of ridicule like the Zimbabwe currency.

INFLATION RATES: Changes in market inflation cause changes in currency exchange rates. A country with a lower inflation rate than another’s will see an appreciation in the value of its currency. The prices of goods and services increase at a slower rate where the inflation is low. A country with a consistently lower inflation rate exhibits a rising currency value while a country with higher inflation typically sees depreciation in its currency and is usually accompanied by higher interest rates

INTEREST RATES: Changes in interest rate affect currency value and dollar exchange rate. Forex rates, interest rates, and inflation are all correlated. Increases in interest rates cause a country’s currency to appreciate because higher interest rates provide higher rates to lenders, thereby attracting more foreign capital, which causes a rise in exchange rates

COUNTRY’S CURRENT ACCOUNT / BALANCE OF PAYMENTS: A country’s current account reflects balance of trade and earnings on foreign investment. It consists of total number of transactions including its exports, imports, debt, etc. A deficit in current account due to spending more of its currency on importing products than it is earning through sale of exports causes depreciation. Balance of payments fluctuates exchange rate of its domestic currency.

GOVERNMENT DEBT: Government debt is public debt or national debt owned by the central government. A country with government debt is less likely to acquire foreign capital, leading to inflation. Foreign investors will sell their bonds in the open market if the market predicts government debt within a certain country. As a result, a decrease in the value of its exchange rate will follow.

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TERMS OF TRADE: Related to current accounts and balance of payments, the terms of trade is the ratio of export prices to import prices. A country’s terms of trade improves if its exports prices rise at a greater rate than its imports prices. This results in higher revenue, which causes a higher demand for the country’s currency and an increase in its currency’s value. This results in an appreciation of exchange rate.

POLITICAL STABILITY & PERFORMANCE: A country’s political state and economic performance can affect its currency strength. A country with less risk for political turmoil is more attractive to foreign investors, as a result, drawing investment away from other countries with more political and economic stability. Increase in foreign capital, in turn, leads to an appreciation in the value of its domestic currency. A country with sound financial and trade policy does not give any room for uncertainty in value of its currency. But, a country prone to political confusions may see depreciation in exchange rates.

RECESSION: When a country experiences a recession, its interest rates are likely to fall, decreasing its chances to acquire foreign capital. As a result, its currency weakens in comparison to that of other countries, therefore lowering the exchange rate.

SPECULATION: If a country’s currency value is expected to rise, investors will demand more of that currency in order to make a profit in the near future. As a result, the value of the currency will rise due to the increase in demand. With this increase in currency value comes a rise in the exchange rate as well.

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