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Foreign exchange

Nigerian Naira no longer N380 or N390 per United States Dollar, here is the new rate

When talking about currency rates it means the worth of a particular currency when compared to another currency, example comparing the USD (United States Dollars) to NGN (Nigerian Naira) it's 1 equals 360 respectively.

The worth of USD to NGN as been changing from time to time due so many reasons and today 1USD worth 360NGN.

In 1999 1USD worth 22NGN, the rate was 95NGN per 1USD when former President Goodluck Ebele Jonathan was ruling and it increased to 125NGN per 1USD before he left office, it was 199NGN per 1USD when President Muhammad Buhari assumed office on January 1st 2016, the rate changed to 315NGN per 1USD in 2017 and the value of naira continues to depreciate since then and today it's 360NGN per 1USD.

It's quite disheartening that the rate of naira is not improving in the past years till date, this might be as a result of Nigeria poor performance in the foreign exchange market.

One of the dangerous effect of this is inflation, since most of everything used in Nigeria are imported the low value of naira will make it very expensive, and this will lead to increase in prices of so many things in Nigeria.

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