Rate Of Naira To Dollar As At Today
One of the most talked-about topics in Nigeria today is the rate of naira to dollar. The value of the Nigerian currency against the US dollar has been a major concern for most Nigerians, as it affects the cost of goods and services in the country.
What is Naira?
The naira is the official currency of Nigeria, introduced in 1973 to replace the pound sterling. It is subdivided into 100 kobo. The Central Bank of Nigeria is responsible for the issuance and regulation of the currency.
What is the US Dollar?
The US dollar is the official currency of the United States of America, and it is the most widely used currency in international trade. It is also used as a reserve currency by many countries around the world.
Factors Affecting Naira to Dollar Rate
The rate of naira to dollar is influenced by several factors, including:
- The country's economic performance
- Inflation rate
- Government policies
- Political stability
- Foreign exchange reserves
- International oil prices
Naira to Dollar Rate as at Today
The rate of naira to dollar fluctuates regularly, and it is important to know the current rate before engaging in any international trade or transaction. As at today, the official exchange rate of naira to dollar stands at:
- CBN - N380 to $1
- Black Market - N480 to $1
Naira to Dollar Rate History
The rate of naira to dollar has not always been the same. Over the years, it has experienced fluctuations due to different economic factors. In 1980, one dollar was worth 90 kobo, but in 2020, it is worth over 400 naira in the black market. The highest rate ever recorded was in February 2016 when one dollar was worth 520 naira in the black market.
Impact of Naira to Dollar Rate on Nigerian Economy
The rate of naira to dollar has a significant impact on the Nigerian economy. A weak naira means that imported goods and services become more expensive, which leads to inflation. It also affects the cost of production for local manufacturers who rely on imported raw materials. A strong naira, on the other hand, leads to lower inflation and lower prices for imported goods.
Conclusion
In summary, the rate of naira to dollar is an important aspect of the Nigerian economy. It affects the cost of goods and services and impacts businesses and individuals. It is essential to keep track of the current rate to make informed decisions when engaging in international trade.