Naira Exchange Rate Fluctuations, Your First Bi-Weekly Update

Tired of trying to catch up with the latest Naira exchange rates?  Then worry no more!

This year has been an interesting year for Nigeria’s economy.  According to global statistics, the economy has seen some improvements in 2015, with Nigeria now a more competitive, easier and more open place to do Business than ever before.

This does not mean that its all been plain sailing though.

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The Naira, Nigeria’s currency, remains fixed by the Central Bank of Nigeria (CBN) at N197 to the US dollar, however, the unofficial black market rate has remained unpredictable.

As of December 30, the Naira was selling at N262, and buying at N265 against the US dollar.  Compare this with 226/226 a month ago on November 30, and 189/191 a year ago.

Have you ever gotten tired of not being able to keep up to date with the Naira’s exchange rate fluctuations?  Well, we’re here to help.

This article is the first bi-weekly Naij exchange rate update, where you can find all the crucial currency information you need to make the best deals and decisions.

While the official CBN rate may not fluctuate in the near future, the unofficial rate certainly will, and it’s crucially important to keep a close eye on it.

We’ll take fluctuations in global oil prices, political news, economic events and other issues into account when drawing up out articles and present the information in an easy to understand format.

One issue that will obviously be crucial, given that it accounts for 78% of Nigeria’s economy, is the price of crude oil.

As you can see from the infographic above, any drops in crude oil prices tends to lead to a weakened Naira against the dollar on the black market.

The prices also have a massive impact on the inflation rate in Nigeria.  As prices steadily declined over the last 16 months, the Naira lost 35% of its value, and inflation climbed to 9.5%.

This means that the Naira will get you less dollars than you could before.  For example, in September 2014 you could get $120 for N20,000, but in March 2015 you could only get $90, and only $75 this holiday season.

We will keep track of all the most important events that effect the exchange rate, so you do not have to!

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The post Naira Exchange Rate Fluctuations, Your First Bi-Weekly Update appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.