How Much Is Dollar To Naira Exchange Rate Today? Updated Daily
If you’re Nigeria, you should know that the Naira to dollar exchange rate has been pegged at the official rate of N305.25, while the black market dollar exchange rate today is N500.00 for selling and if you’re buying you will pay N497.00 per a dollar.
Looking at the situation of foreign exchange rates in Nigeria, you could say the issue is not encouraging and you might be wondering what factors contribute to exchange rate in a country:
N 500 >>>To Sell $1
N 497 >>> To Buy $1
How Do Exchange Rates Work?
You can watch the little video below to know how exchange rate works – Not only in Nigeria, but in every country.
So, what affects the exchange rate dollar to Naira?
The demand for a country’s currency is determined by what is happening in that country. First, the interest rate paid by the country’s central bank is a big factor. The bigger monthly interest makes that currency more significant. Investors will exchange their currency for that higher-paying one. They save it in this country’s bank to receive the higher interest rates.
Secondly, the amount of money supply that’s created by the country’s central bank. If the government prints too much currency, then there’s too many dollars, euros or yen chasing too little goods. Currency holders will bid up the prices of goods and services. That induces inflation. If lots of money is printed, as usually happens to settle war debts, this causes hyperinflation.
Some investors that have cash will invest overseas, where there isn’t inflation. But they’ll see that there isn’t as much demand for their currency since there’s so much of it. That’s why inflation will push the value of a currency down.
This is exactly what’s happening to Nigerian economy today, Nigeria has no power outside the Nigeria territory and it can only be used in Nigeria – so causing the high current exchange rate of dollar to Naira.
Thirdly, a country’s economic growth and financial stability impact its exchange rates. If your country has a strong, growing economy, then investors tend to buy its products or services, and need more of its currency to take action.
If the financial stability looks bad, they shall be less willing to invest in that country. They want to be certain they’re going to get money back in case they hold government bonds in that currency.
You’d think that something with so much influence on international trade could be more regulated when you talk about foreign exchange rates; it isn’t the same for many currencies.
Dollar to Naira Exchange Rate History
US Dollar to Nigerian Naira Exchange Rate: | |
US Dollar to Nigerian Naira | |
Wednesday 12 October 2016 | 1 USD = 312.5625 NGN |
Tuesday 11 October 2016 | 1 USD = 308.4066 NGN |
Monday 10 October 2016 | 1 USD = 312.8687 NGN |
Sunday 9 October 2016 | 1 USD = 310.3902 NGN |
Saturday 8 October 2016 | 1 USD = 308.9699 NGN |
Friday 7 October 2016 | 1 USD = 308.8297 NGN |
Thursday 6 October 2016 | 1 USD = 312.4379 NGN |
Wednesday 5 October 2016 | 1 USD = 311.581 NGN |
Tuesday 4 October 2016 | 1 USD = 311.6626 NGN |
Monday 3 October 2016 | 1 USD = 313.9705 NGN |
Sunday 2 October 2016 | 1 USD = 312.2117 NGN |
Saturday 1 October 2016 | 1 USD = 313.0469 NGN |
Friday 30 September 2016 | 1 USD = 312.4678 NGN |
Thursday 29 September 2016 | 1 USD = 312.7672 NGN |
Wednesday 28 September 2016 | 1 USD = 310.9887 NGN |
Tuesday 27 September 2016 | 1 USD = 312.7194 NGN |
Monday 26 September 2016 | 1 USD = 312.1436 NGN |
Sunday 25 September 2016 | 1 USD = 312.985 NGN |
Saturday 24 September 2016 | 1 USD = 313.1984 NGN |
Friday 23 September 2016 | 1 USD = 313.3313 NGN |
Thursday 22 September 2016 | 1 USD = 313.1536 NGN |
Wednesday 21 September 2016 | 1 USD = 313.1312 NGN |
Tuesday 20 September 2016 | 1 USD = 313.5654 NGN |
Monday 19 September 2016 | 1 USD = 313.347 NGN |
Sunday 18 September 2016 | 1 USD = 313.9528 NGN |
Saturday 17 September 2016 | 1 USD = 313.227 NGN |
Friday 16 September 2016 | 1 USD = 313.2056 NGN |
Thursday 15 September 2016 | 1 USD = 313.1302 NGN |
Wednesday 14 September 2016 | 1 USD = 314.2137 NGN |
Tuesday 13 September 2016 | 1 USD = 313.6507 NGN |
Monday 12 September 2016 | 1 USD = 312.181 NGN |
Sunday 11 September 2016 | 1 USD = 315.303 NGN |
Saturday 10 September 2016 | 1 USD = 314.9169 NGN |
Friday 9 September 2016 | 1 USD = 314.91 NGN |
Thursday 8 September 2016 | 1 USD = 312.242 NGN |
Wednesday 7 September 2016 | 1 USD = 311.7391 NGN |
Tuesday 6 September 2016 | 1 USD = 310.8918 NGN |
Monday 5 September 2016 | 1 USD = 314.9255 NGN |
Sunday 4 September 2016 | 1 USD = 313.7751 NGN |
Saturday 3 September 2016 | 1 USD = 311.0643 NGN |
Friday 2 September 2016 | 1 USD = 311.0334 NGN |
Naira to Dollar Exchange Rate in 1999
Year | 1 Dollar = Naira Equivalent | 1 Pound = Naira Equivalent |
1970 | 0.7143 | 1.7114 |
1971 | 0.6955 | 1.7156 |
1972 | 0.6579 | 1.6289 |
1973 | 0.6579 | 1.6289 |
1974 | 0.6299 | 1.4795 |
1975 | 0.6159 | 1.3678 |
1976 | 0.6265 | 1.1317 |
1977 | 0.6466 | 1.1671 |
1978 | 0.6060 | 1.2238 |
1979 | 0.5957 | 1.2628 |
1980 | 0.5464 0.9 PMER |
1.2647 |
1981 | 0.6100 | 1.2495 |
1982 | 0.6729 | 1.1734 |
1983 | 0.7241 | 1.1216 |
1984 | 0.7649 | 1.0765 |
1985 | 0.8938 1.7 PMER |
1.1999 |
1986 | 2.0206 3.9 PMER |
2.5554 |
1987 | 4.0179 5.9 PMER |
6.5929 |
1988 | 4.5367 6.7 PMER |
8.0895 |
1989 | 7.3916 10.7 PMER |
12.0695 |
1990 | 8.0378 9.3 PMER |
16.2419 |
1991 | 9.9095 16.7 PMER |
17.4955 |
1992 | 17.2984 21.9 PMER |
27.8684 |
1993 | 22.3268 56.8 PMER |
33.2522 |
1994 | 21.8861 71.7 PMER |
33.4252 |
1995 | 21.8861 78.3 PMER 79.8955 AFEM |
34.7111 127.66 AFEM |
1996 | 21.8861 81.8 PMER 84.5750 AFEM |
35.7368 135.90 AFEM |
1997 | 21.8861 84.7 PMER 84.7004 AFEM |
35.7368 136.60 AFEM |
1998 | 21.8861 88.0-90.0 PMER 85.0004 AFEM |
35.7368 136.00 AFEM |
1999 | 85.9800 105.0 PMER 94.88 AFEM |
137.4680 145.71 AFEM |
Naira to Dollar Exchange Rate in 2009
US Dollar (USD) to Nigerian Naira (NGN) on (31/12/2009)
US Dollar to Nigerian Naira | Nigerian Naira to US Dollar | Date |
1 USD = 0 NGN | 0 USD = 1 NGN | on 31/12/2009 |
5 USD = 0 NGN | 0 USD = 5 NGN | on 31/12/2009 |
10 USD = 0 NGN | 0 USD = 10 NGN | on 31/12/2009 |
15 USD = 0 NGN | 0 USD = 15 NGN | on 31/12/2009 |
20 USD = 0 NGN | 0 USD = 20 NGN | on 31/12/2009 |
25 USD = 0 NGN | 0 USD = 25 NGN | on 31/12/2009 |
50 USD = 0 NGN | 0 USD = 50 NGN | on 31/12/2009 |
100 USD = 0 NGN | 0 USD = 100 NGN | on 31/12/2009 |
500 USD = 0 NGN | 0 USD = 500 NGN | on 31/12/2009 |
1000 USD = 0 NGN | 0 USD = 1000 NGN | on 31/12/2009 |
2500 USD = 0 NGN | 0 USD = 2500 NGN | on 31/12/2009 |
5000 USD = 0 NGN | 0 USD = 5000 NGN | on 31/12/2009 |
10000 USD = 0 NGN | 0 USD = 10000 NGN | on 31/12/2009 |
25000 USD = 0 NGN | 0 USD = 25000 NGN | on 31/12/2009 |
50000 USD = 0 NGN | 0 USD = 50000 NGN | on 31/12/2009 |
100000 USD = 0 NGN | 0 USD = 100000 NGN | on 31/12/2009 |
250000 USD = 0 NGN | 0 USD = 250000 NGN | on 31/12/2009 |
500000 USD = 0 NGN | 0 USD = 500000 NGN | on 31/12/2009 |
1000000 USD = 0 NGN | 0 USD = 1000000 NGN | on 31/12/2009 |
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