The United States dollar and the Nigerian naira are the two most important currencies in Nigeria. The US dollar is the most widely traded currency in Nigeria, and 1 USD is equal to 100 cents. This makes USD and Naira conversions easy and convenient. In this article, we’ll cover how to convert a Dollar into Naira using a currency converter. The following table shows the current value of one US dollar to one Nigerian naira.
The Nigerian naira has dropped over the past several months, with the NGN trading in a narrow range of 380.0 to 381.0 per USD since last July. The currency has been under pressure from the rising demand for U.S. dollars by foreign investors, and a global health crisis that has sent oil prices spiraling. Analysts expect the currency to continue falling against the greenback and remain stuck at high inflation. The Nigerian Central Bank is currently prioritizing the growth of credit in order to stimulate economic activity.
The Nigerian Central Bank devalued the currency twice in 2020 and is currently trading between 380.0 and 381.0 NGN per USD. The currency has been under pressure from rising demand for U.S. dollars, foreign investors, and oil prices slumped due to the global health crisis. The panelists expect the currency to lose value against the greenback and see a structurally high level of inflation. The Nigerian Central Bank is attempting to encourage credit growth and encourage economic activity, and the government is working to address these problems.
Although the Nigerian currency is under pressure from the Dollar to Naira, it has remained within a range of 380.0-381.0 NGN per USD since last July. The central bank has been focused on stimulating the economy, including encouraging economic growth by increasing credit. This has resulted in the emergence of eNaira, the digital version of the state currency in Nigeria. Its recent rise has been accompanied by the weakening of the dollar against the naira.
The latest currency exchange rates for Nigeria’s dollar are expected to fall by the end of the year. The official interbank naira is valued at 427 per USD, while the NAFEX is pegged at 428 NGN per USD. The two currencies’ exchange rates are a reflection of their value in the country’s economy. This new currency is also useful in promoting economic growth in Nigeria.
The naira is the currency of Nigeria. It is divided into 100 kobo and is the sole issuer of legal tender money in the country. The CBN also manages the monetary stability in the country. Its role is to control the volume of money in the economy and maintain a stable monetary policy. Its main function is to regulate the naira. It is the only bank that issues the naira.