See Naira Exchange against Dollar as Naira appreciates against Dollar – For a while now, the naira exchange against dollar in the black market has been decreasing with a rise in the dollar against Nigerian Naira.
The naira against dollar has been in depreciation since August 2016. This could be seen as a result of economic meltdown of the country. Some of the reasons why naira felled against dollar were attributed to Poor Infrastructure, Instability and negative predictions.
The Nigerian currency (Naira) rose to N425 on August 2016. This is the highest amount naira has been exchanged against dollar in the black market. Naira was exchanged at N422 to the dollar early September meaning that it is now gaining wait against dollar in the parallel exchange market.
Pound Sterling and the Euro were exchanged at N535 and N464 respectively. The appreciation of naira against dollar was achieved because there have been a lot of works piled up to make sure that naira stabilized against dollar in the parallel market.
Current Naira Exchange against Dollar
As at 5th August 2016, Naira against dollar in the black market is N422 while it is officially exchanged at N313 in the banks.
This is a good development and Nigerians pray it will continue like this because the rise in the dollar exchange against naira has caused increase in all the commodities in Nigeria. There is nothing that its price remained constant since dollar to naira exchange increased in the market.
Why Naira is appreciating in the black market against US Dollars
Many things have been seen to be the cause of naira appreciation against dollar in the parallel market. I will be sharing them here as I know you will be interested to know. As we pray that the price of dollar continues to fall against naira, let us see what made naira to increase against dollar.
- Bureau De Change (BDC) operators are now in close collaboration with the federal government of Nigeria. They have abided and act on the financial directives the central Bank of Nigeria.
- Another reason seen to be the cause of naira appreciation against dollar is based on the Government’s stance on Devaluation of Naira.
- There was pressure on the federal government to devalue the Nigerian naira but the government has persisted not to devalue naira.
- There are less number of people that are buying dollars, those who were hording dollar now have no choice order than to trade them. This also contributed to the rise in naira against dollar in the parallel market.
See Naira Exchange against Dollar as Naira appreciates against Dollar. We now pray that it will be permanent.