Dollar news in nigeria today

Here are the latest dollar news in Nigeria today:

Dollar to Naira Exchange Rate Today

As of today, the official exchange rate of the US dollar to the Nigerian naira is:

Dollar News in Nigeria Today

  1. Dollar scarcity hits Nigeria: The scarcity of US dollars in Nigeria has worsened, leading to a surge in the black market rate. This has made it difficult for individuals and businesses to access the currency.
  2. CBN intervenes in forex market: The Central Bank of Nigeria (CBN) has intervened in the foreign exchange market to stabilize the naira. The bank has injected $210 million into the market to meet the demand for dollars.
  3. Dollar demand outstrips supply: The demand for US dollars in Nigeria has outstripped the supply, leading to a shortage of the currency. This has resulted in a surge in the black market rate.
  4. Naira depreciates against dollar: The naira has depreciated against the US dollar, with the official rate now at 305-315 NGN per dollar. The black market rate is even higher, at 360-370 NGN per dollar.
  5. Dollar shortage affects importation: The shortage of US dollars in Nigeria has affected importation, with many businesses struggling to access the currency. This has led to a shortage of goods and services in the country.

Dollar Forecast for Nigeria

The dollar is expected to remain strong against the naira in the short term, due to the ongoing dollar scarcity in Nigeria. However, the CBN's intervention in the forex market may help to stabilize the naira and reduce the demand for dollars.

Dollar to Naira Exchange Rate History

Here is a brief history of the dollar to naira exchange rate in Nigeria:

Please note that the exchange rates may vary depending on the source and the time of day.