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Today’s Best Nigerian Naira Rate

This article offers a breakdown of the best current Naira exchange rate for today, and how to take advantage of it if you’re looking to make major purchases in Nigeria. Naira is Nigeria’s currency, and the country is infamous for its inflationary history. In this article, we will discuss what the best naira rate is as of today, the factors that can influence it, and why it might fluctuate over time.

How to Decipher the Nigerian Naira

The Nigerian naira is a currency that is used in Nigeria, and with it, the country’s economy. The naira is also accepted in other countries such as South Africa, Gambia, Morocco, and Senegal. Because of this, it can be worth looking at for more than just exchanging foreign currency for Nigerians. A common question asked by foreigners looking to conduct business in Nigeria is how they can make sense of the Nigerian naira. To answer this question, Nigerian natives will always advise that you must look closer at the sources of currency. Since the market value of naira is determined by its perceived purchasing power, different rates are acceptable depending on what those people want to purchase with the currency.

Why the naira fluctuate

The Nigerian naira rate, which is the official unit of currency for Nigeria, can fluctuate greatly from day today. The cause of these changes is difficult to pinpoint but some reasons for the fluctuations are market speculation and uneven international trade balances. The naira exchange rate is a daily indicator of the value of the Nigerian currency. It fluctuates based on economic and political factors, with rates usually readjusted in the morning. On Thursday October 12th, 2016, Nigeria was hit by a military coup d’état that resulted in the death of at least three hundred people.

How much are you actually losing?

Another thing to think about is how much you are actually losing when trading in Nigeria. If the exchange rate is good and you’re willing to wait a few more minutes, you will likely be able to find a better deal. That’s why it’s so important to do your research before making any trades. Currencies are always fluctuating when they are traded. They are influenced by the news and global events. There is no right or wrong in what the currency rate should be. It’s just a matter of perspective.

What is the current exchange rate?

The official exchange rate for the Nigerian Naira stands at 655 to 1 US Dollar as of March 12, 2019. Beginning in 2015, the naira has gone into free-fall with a 10% devaluation of the currency on April 1st. Its largest issuer, today’s dollar to naira black market exchange rate Nigeria’s central bank, is struggling to keep up with demand for foreign currency and has recently increased its official rate from N169 to N192 per dollar. As a result, many Nigerians are turning to other currencies like the euro. The naira is not the only currency that fluctuates on daily basis. It is imperative for you to protect yourself from these fluctuations. The best way to do this is by diversifying your income sources and expenses by holding off on spending, especially those incurred with cash.