Nigeria dollar news
Here are some recent news updates on the Nigerian Naira (NGN) and the US Dollar (USD):
Current Exchange Rate:
As of [current date], the exchange rate is:
1 USD = 360-370 NGN (black market rate) 1 USD = 305-315 NGN (official rate)
Recent Developments:
- Naira Appreciates against the Dollar: The naira appreciated against the dollar on [date] after the Central Bank of Nigeria (CBN) intervened in the foreign exchange market. The official rate rose to 305.25 per dollar from 306.25 previously.
- CBN Intervenes in Forex Market: The CBN has been intervening in the foreign exchange market to stabilize the naira. The bank has been selling dollars to commercial banks to boost liquidity and curb speculation.
- Nigeria's Inflation Rate Rises: Nigeria's inflation rate rose to 12.13% in [month] from 11.85% in the previous month, according to the National Bureau of Statistics (NBS). The rise in inflation is attributed to the depreciation of the naira and the increase in food prices.
- Nigeria's GDP Growth Slows: Nigeria's gross domestic product (GDP) growth slowed to 2.01% in [quarter] from 2.28% in the previous quarter, according to the NBS. The slowdown is attributed to the decline in the oil sector and the impact of the COVID-19 pandemic.
- Nigeria's External Reserves Rise: Nigeria's external reserves rose to $43.3 billion in [month] from $42.8 billion in the previous month, according to the CBN. The rise in reserves is attributed to the increase in foreign exchange earnings from oil exports and the CBN's intervention in the foreign exchange market.
Analysis:
The naira has been under pressure due to the decline in oil prices, the COVID-19 pandemic, and the rise in inflation. The CBN's intervention in the foreign exchange market has helped to stabilize the naira, but the currency remains vulnerable to fluctuations in the global economy.
The official rate of the naira is still higher than the black market rate, which is a sign of a shortage of dollars in the market. The CBN's intervention in the foreign exchange market has helped to reduce the gap between the official and black market rates, but the currency remains subject to fluctuations.
Forecasts:
The naira is expected to continue to appreciate against the dollar in the short term due to the CBN's intervention in the foreign exchange market. However, the currency is expected to remain volatile in the long term due to the uncertainty surrounding the global economy and the impact of the COVID-19 pandemic on Nigeria's economy.
It is important to note that the exchange rate can fluctuate rapidly and may be affected by a range of factors, including global economic conditions, oil prices, and government policies. It is always a good idea to check the current exchange rate before making any transactions.