Current Exchange Rate Nigerian Naira To Us Dollar
Introduction
The Nigerian Naira is the official currency of Nigeria while the US Dollar is the official currency of the United States of America. The exchange rate between these two currencies is an important factor to consider for businesses and individuals who engage in international trade or travel. In this article, we will discuss the current exchange rate of the Nigerian Naira to the US Dollar and its implications.
Exchange Rate
As of August 2021, the current exchange rate of the Nigerian Naira to the US Dollar is approximately 1 USD = 411.50 NGN. This means that if you have one US Dollar, you can exchange it for 411.50 Nigerian Nairas.
Factors Affecting Exchange Rate
The exchange rate between the Nigerian Naira and the US Dollar is influenced by various factors such as:
- Political stability of the country
- Economic policies of the government
- Inflation rate
- Trade agreements between countries
- Global economic conditions
These factors affect the demand and supply of the currencies, which in turn affects their exchange rate.
Implications
The exchange rate between the Nigerian Naira and the US Dollar has several implications for businesses and individuals. For businesses engaged in international trade, a favorable exchange rate can increase their profits while an unfavorable exchange rate can lower their profits. For individuals, a favorable exchange rate can make their travels or purchases in the US more affordable while an unfavorable exchange rate can make it more expensive.
Exchange Rate History
The exchange rate between the Nigerian Naira and the US Dollar has been volatile in the past few years. In 2016, the exchange rate was approximately 1 USD = 199 NGN. However, due to various economic factors, the exchange rate has steadily increased to its current level of approximately 1 USD = 411.50 NGN.
Conclusion
The exchange rate between the Nigerian Naira and the US Dollar is an important factor to consider for businesses and individuals engaged in international trade or travel. The current exchange rate as of August 2021 is approximately 1 USD = 411.50 NGN. The exchange rate is influenced by various factors such as political stability, economic policies, inflation rate, trade agreements, and global economic conditions. A favorable exchange rate can increase profits for businesses and make travels or purchases in the US more affordable for individuals.