What is the Current Exchange Rate of Dollar to Naira Today?

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.

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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
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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

 

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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

 

Do you have anything else to add to this article? Leave your comment below.

 

One Response

  1. Samuel musa December 7, 2016

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