Naira Exchange Rate Fluctuations, Your Bi-Weekly Update
Tired of trying to catch up with the latest Naira exchange rates? Then worry no more!
You'll find everything you need to know in our second update on the Naira's fluctuations on the parallel market.
It's crucially important to make yourself familiar with this information as the Nigerian Central Bank'a official forex rate remains fixed at N197 to USD1.
READ ALSO: Federal Government To Generate N394 Billion From Non-Oil Exports in 2016
We 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.
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One issue that is obviously crucial, given that it accounts for 78% of Nigeria’s economy, is the price of crude oil.
As you can see above, the massive plunge in global oil prices has had a huge effect on the strength of the Naira against the US Dollar.
The Naira is now buying at N297 to the US Dollar and selling at N301, after recently dipping down to as low as N310, a record low in over the last decades.
Amid ongoing tension between oil powers like Iran and Saudi Arabia, and an uncertain market in China and East Asia, there is no guarantee that oil prices will increase in the near future, so watch this space.
READ ALSO: Nigeria Dropped From CNN's 2016 Economy Watch List
We will keep track of all the most important events that effect the exchange rate, so you do not have to!
Source: Legit.ng
