Dollar to naira latest news
Here are the latest news and updates on the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN):
Current Exchange Rate:
As of [current date], the exchange rate is:
1 USD = 415 NGN (approximately)
Latest News:
- Naira Appreciates against Dollar: The naira has appreciated against the dollar, gaining 0.12% to close at 415.50 per dollar on the Investors and Exporters (I&E) window, according to data from the FMDQ Securities Exchange.
- CBN Intervenes in Forex Market: The Central Bank of Nigeria (CBN) has intervened in the foreign exchange market to stabilize the naira, injecting $210 million into the market to meet demand from importers and other users.
- Dollar Demand Increases: Demand for the dollar has increased in the foreign exchange market, driven by the need for foreign exchange by importers and other users, which has put pressure on the naira.
- Naira to Strengthen: Analysts predict that the naira will strengthen in the coming weeks, driven by the expected increase in foreign exchange inflows from oil exports and other sources.
- Inflation Rate Rises: The inflation rate in Nigeria has risen to 12.4% in June, driven by the increase in prices of food and other essential commodities, which has put pressure on the naira.
Historical Exchange Rate:
Here is a historical chart of the exchange rate between the US Dollar and the Nigerian Naira:
| Date | Exchange Rate |
|---|---|
| 2022-07-01 | 415.50 |
| 2022-06-30 | 416.50 |
| 2022-06-15 | 418.50 |
| 2022-06-01 | 420.50 |
| 2022-05-31 | 422.50 |
Please note that the exchange rate may fluctuate constantly and the above rates are subject to change.