1 dollar to naira black market
The current exchange rate for 1 US Dollar to Nigerian Naira in the black market is approximately 1,600 Naira. Other sources provide slightly different rates, such as 1,564.88 Naira and 1,540.58 Naira. The rates can vary slightly due to market fluctuations and different sources.
| Currency | Rate | Date | User Nick |
|---|---|---|---|
| USD | ₦ 1600 | 08/03/2024 | Alhj hone.. > |
| USD | ₦ 1620 | 08/03/2024 | Yusuf Dan.. > |
| USD | ₦ 1620 | 07/03/2024 | Yusuf Dan.. > |
The current exchange rate for 1 US Dollar to Nigerian Naira in the official market is approximately 1,540.58 Naira[1][4]. This rate may vary slightly depending on market fluctuations and different sources.
Citations:
[1] https://wise.com/us/currency-converter/usd-to-ngn-rate?amount=1
[2] https://www.xe.com/currencycharts/?from=USD&to=NGN
[3] https://www.cbn.gov.ng/rates/ExchRateByCurrency.asp?CurrencyType=%24USD
[4] https://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=NGN
[5] https://abokiforex.app
The historical exchange rate trend for the US Dollar (USD) to the Nigerian Naira (NGN) has shown fluctuations over time. Here are some key points from the historical data:
- On March 5, 2024, the exchange rate was $1 = ₦1,549.842.
- The highest rate recorded was $1 = ₦1,597.77 on February 21, 2024, while the lowest was $1 = ₦744.92 on September 12, 20231.
- The average exchange rate over the last six months was approximately 1 NGN = 0.001076 USD1.
- The USD/NGN rate has increased by +105.50% in the last six months, indicating a strengthening of the US Dollar against the Nigerian Naira1.
This data reflects the dynamic nature of currency exchange rates and how they can vary significantly over time due to various economic factors and market conditions.
The highest exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) in the past year was 448.84 NGN on December 19, 20221. This rate marked a peak in the exchange value of the US Dollar against the Nigerian Naira during that period.
The impact of inflation on the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) is significant and can have several consequences. Here are some key points based on the provided information:
- Rising Inflation: Inflation can be influenced by changes in the exchange rate, particularly when the Naira depreciates against the Dollar. This depreciation can lead to increased expenses for importing goods and services, resulting in higher prices for consumers, known as imported inflation2.
- Reduced Purchasing Power: As prices rise due to inflation, the purchasing power of individuals decreases. This means that with the same amount of money, people can afford fewer goods and services, impacting their overall standard of living2.
- Unemployment: Industries that rely on imported raw materials may face higher production costs due to a weaker Naira. To manage these increased costs, businesses might reduce production or even lay off workers, leading to higher unemployment rates2.
- Higher Interest Rates: To combat inflation resulting from currency depreciation, the Central Bank of Nigeria may raise interest rates. This increase in borrowing costs affects both businesses and consumers, potentially reducing consumer spending and business investments2.
- Foreign Debt Burden: Nigeria’s external debt is often denominated in foreign currencies. A weaker Naira makes servicing this debt more expensive, diverting resources that could have been used for development programs2.
- Negative Impact on Investment: When a country’s currency depreciates, foreign investors may hesitate to invest due to concerns about potential losses when converting their investments back into their local currencies2.
- Trade Imbalance: A falling Naira can increase import costs while not significantly boosting exports, leading to a trade imbalance that affects the country’s current account2.
- Pressure on Foreign Reserves: Increased demand for foreign currency as a result of a weaker Naira can strain the nation’s foreign reserves, which are crucial for maintaining exchange rate stability2.
- Economic Uncertainty: Currency depreciation can create economic uncertainty, discouraging long-term planning by businesses and individuals and slowing down economic growth2.
- Government Budget Challenges: A weakening Naira makes it more challenging for the Nigerian government to finance its budget and public services due to reduced revenue from oil exports denominated in US Dollars2.
These points illustrate how inflation, influenced by exchange rate fluctuations, can have far-reaching effects on various aspects of Nigeria’s economy, from consumer purchasing power to government finances and foreign investment.