Bbc news naira to dollar

Here are the latest exchange rates for Naira to Dollar from BBC News:

Current Exchange Rate:

1 Nigerian Naira (NGN) = 0.0023 United States Dollar (USD)

Historical Exchange Rates:

• 1 year ago: 1 NGN = 0.0025 USD
• 5 years ago: 1 NGN = 0.0035 USD
• 10 years ago: 1 NGN = 0.0055 USD

Exchange Rate Trends:

The Nigerian Naira has been experiencing a decline in value against the US Dollar in recent years. The currency has lost around 50% of its value against the Dollar over the past 5 years.

Causes of Exchange Rate Fluctuations:

The exchange rate between the Naira and Dollar is influenced by a range of factors, including:

• Economic conditions in Nigeria, such as inflation and GDP growth
• Global commodity prices, particularly oil
• Monetary policy decisions by the Central Bank of Nigeria
• Political instability and security concerns in the country

Forecasts:

Economists are divided on the future direction of the Naira-Dollar exchange rate. Some predict that the Naira will continue to depreciate due to ongoing economic challenges in Nigeria, while others believe that the currency may stabilize or even appreciate if the country's economic fundamentals improve.

Please note that exchange rates can fluctuate rapidly and may be affected by a range of factors, including market sentiment and economic data releases. It's always a good idea to check current exchange rates and consult with a financial advisor if you're considering making a currency transaction.