Naira to dollar news

Here are some recent news updates on the Nigerian Naira (NGN) to US Dollar (USD) exchange rate:

Current Exchange Rate:

As of [current date], the exchange rate is:

1 USD = 360-370 NGN (Black Market) 1 USD = 305-315 NGN (Bureau De Change) 1 USD = 305-315 NGN (Commercial Banks)

Recent Developments:

  1. Naira Appreciates against Dollar: The Naira appreciated against the US Dollar on [date] after the Central Bank of Nigeria (CBN) intervened in the foreign exchange market. The exchange rate closed at 360-370 NGN per USD on the black market.
  2. CBN Intervenes in Forex Market: The CBN intervened in the foreign exchange market on [date] to stabilize the Naira, injecting $100 million into the market. The move helped to reduce the pressure on the Naira and stabilize the exchange rate.
  3. Naira Loses Value against Dollar: The Naira lost value against the US Dollar on [date] due to a shortage of foreign exchange in the market. The exchange rate closed at 380-390 NGN per USD on the black market.
  4. Banks Offer Competitive Exchange Rates: Some commercial banks in Nigeria are offering competitive exchange rates to customers, with some offering rates as low as 305-315 NGN per USD.
  5. Black Market Rate Remains High: The black market rate for the Naira against the US Dollar remains high, with some dealers offering rates as high as 400-420 NGN per USD.

Analysis:

The Naira has been experiencing volatility in recent times due to a combination of factors, including a shortage of foreign exchange in the market, a decline in oil prices, and a rise in inflation. The CBN has been intervening in the foreign exchange market to stabilize the Naira, but the black market rate remains high.

Forecast:

The exchange rate is expected to remain volatile in the short term, with the Naira likely to continue to depreciate against the US Dollar. However, the CBN's intervention in the foreign exchange market is expected to help stabilize the exchange rate in the long term.

Sources: