How Much is Dollar to Naira Exchange Rate Today Black Market and Official Rate February 2018.
The Naira which is the official currency of federal republic of Nigeria has not been doing well against other currencies of the world. Its value has continue to dropped swiftly over the past couple of years. Naira saw its value depreciate from N165 Naira to a $ to about N500 Naira to a Dollar between August 2015 and April 2017. This article will keep you updated daily on how much is dollar to naira today both in black market and CBN official rates.
This article is strictly for those whose business operations involves the use of the current dollar to naira exchange rate like importers, exporters, forex users, travelers etc. It is also for concern citizens who just want to know how the naira is doing against the dollar. This article will be followed up by pounds to naira, euro to naira, Nigerian banks buying and selling exchange rates.
How Much is Naira to Dollar Today (Black Market & CBN).
Central Bank of Nigeria (CBN) exchange rate is the official rate while Black market rate is the same as parallel market rate. Buying in the context below mean how much in Naira bank or black market agent will pay you for 1$ while Selling means how much you will pay banks or black market agents in Naira for a $.
Dollar to Naira Black Market Exchange Rate Today.
CBN Dollar to Naira Exchange Rate Today.
Official Dollar to Naira Bank Rate Today.
Buying: N305- N320.
Selling: N360 – N375 Naira above. This varies with banks E.G Gtbank is N368, Zenith is N370 while Access bank is 367.
In case you are wondering what might have caused the overly depreciation of Naira against other foreign currencies in that short period of time, i get some answers for you. I mean history is not on the side of the N from rate of 1 $ = N21.89 in 1999 to 1 $ to N367 in 2017.
Causes of Continuous Depreciation of Naira to Dollar.
The Naira value dropping has something to do with demand & supply, government policies and on the part of Nigerians as a citizen, too much love for foreign products, goods and services.
Demand & Supply: Too much demand for dollar than its supply is one of the major reasons for the depreciation of the Naira. Nigerians prefer foreign products to the ones made or manufacture here in Nigeria. The more we change naira to dollar increases its value and reduces our own currency’s value.
The solution to this is to ban importation of all products that are been manufactured here in Nigeria and create a body like Nafdac to make sure those companies here in Nigeria are producing good products with the best raw materials and right proportions.
Government: Nigerian government too should stand up and defend the value of the naira. If we have more goods, services and products to export out of the country, the rate of importation would have had minimal effect on the value of the Naira.
For decades, Nigeria has depend too much on petroleum and it is about time we diversify the economy and start monetizing other mineral and natural resources we are blessed with in this country. Human resources is another major resources that we are wasting in this country.
Nigeria can export agricultural products, technology is growing extremely fast in this country and that can be used to our advantage. If our Engineers and Scientist graduating from various institution are well trained with modern equipment and syllabus, we would have more innovations that can be sold from their high technical know how.
There are a whole lot more causes of Naira depreciating and you can also add yours in the comment below.
Effect of How Much is Dollar to Naira on Nigerians.
Numerous average Nigerians has been affected by the crashing of the naira value. Some of the effect depreciating naira have on Nigerians include.
Crashing or Closing down of Small and Medium Scale Establishments (SMEs).
Educations: For the case of those schooling outside the country. Their parent will spend much more today to cater for their child(ren) than they would have 3 years ago. Many have been withdrawn over the past two years.
Religion: Pious Muslims and Christians would be affected too. They would spend much more going to Mecca for Hajj or Jerusalem now than they would have few years back.
There are also much more effects of the crashing naira, you can also add your via the comment box.
That’s all folks on the daily update of how much is dollar to naira today official CBN and black market rates.