Dollar To Naira Exchange Rate Today
BUY / SELL
BUY / SELL
BUY / SELL
|19/09/2017||363 / 367||478 / 485||433 / 436|
|18/09/2017||365 / 369||475 / 485||433 / 437|
|15/09/2017||365 / 369||474 / 480||432 / 438|
Dollar to Naira exchange rate is ₦305.90 per $1(CBN rate) these rate is not encouraging as its a free fall in the parallel market(black market). It has become a serious problem because these is really affecting Nigerians because the free fall of the Dollar to Naira at the black market keeps rising because it will be impossible to get the dollar at the official Central Bank rate. The table above contains some Foreign currencies exchange rate to the Nigerian Naira for the past few days. Note that these page is updated at least twice a day with the current exchange rate. It will be wise to bookmark these page, and also subscribe to our Newsletter and Facebook page to be able to easily asses these page.
Reasons Why The Naira Keeps Falling Against The U.S Dollar
The Central Bank of Nigeria for the past years have tried to hold the Naira to a reasonable rate against the Dollar but these can not be fully achieved due to the following reasons listed below:
THE FALLING PRICE OF OIL
Of recent we hear incidents where some state Governments are unable to pay salaries of their workers for months, these is as a result of the reduction of the allocation of states funds from the Federal Government due to the falling of oil revenue. We all Know that Nigeria depends majorly on it’s oil for revenue, these means when the oil price reduces, then the Naira will loose its value and vise versa, and this really affect the country’s economy.
HIGH IMPORT RATE
These is one of the major reason for the free fall of the Dollar to Naira, Nigeria is known as the giant of Africa but it is shameful for the country to import more than it’s export. most countries now sees Nigeria as a consuming Nation and not a productive Nation. It is ridiculous for the country to be importing little little things that can be easily produced and manufactured in Nigeria eg match sticks, toothpicks, even foods stuffs that can be grown in the country.
THE OBSESSION FOR FOREIGN PRODUCTS
In Nigeria, any product that is manufactured and produced in the country and labelled”MADE IN NIGERIA” will probably attracts little or no patronage because of the mentality of some Nigerians that the country can not make authentic and original product, but if that same product is labelled made in US, Japan, Spain, Italy, or even China, it will be a hot cake in the market. The high rate of the continuous importation of foreign product contributes in devaluing the Naira as most of the imported goods are bought in foreign currencies.
The Government are somehow to be blamed for the devaluation of the Naira because they consist of bodies that are supposed to be regulating and controlling issue regarding to currency of the country.
LOOTING OF PUBLIC FUNDS
Some so called leaders of the country who claims to be serving the country try as much as possible to embezzle fund that are meant for for public functions. The annoying part is that most of them exchange the money to foreign currencies and then hide them in foreign banks.
INCREASE DEMAND FOR DOLLAR
The taste for anything foreign in the country is increasing day by day as most rich men in the country flies abroad to do things that can be easily done in the country like: leaving the country for medical treatments, schooling, tourism and site seeing etc.Why will the Naira not loose its value???.
BDCS ARE CO-OPERATING WITH THE CENTRAL BANK OF NIGERIA
Its is not guaranteed that the Naira will appreciate back to its ₦197/$1 not to talk of the ₦1/$1 in the coming years. Because rumor have it that the Bureau De Change operators, are working hand in hand with some financial detectives of the Ape Bank of Nigeria.
HOW TO PREVENT THE FURTHER DEVALUATION OF THE Dollar TO NAIRA
The vice president of the country stated that the vandalization of pipe line facilities in the Niger Delta region is responsible for the reduction in the volume of Dollar reserved with the CBN. He said such activities are responsible for the continuous fall of the Naira against the dollar. And such activity also contributes in devaluing the Naira. He also said that if the country keeps loosing its revenue, then the exchange rate is likely to go up. In order to stabilize the country’s currency, then we all needs to collectively work together to make sure we achieve this goal. Many Nigerians believe that they don’t have any role to play to help the country stabilize its currency. Some thinks it should be government issue alone but it’s absolutely not true. If we all try to avoid the above causes for the falling of the Naira, then we are close in finding a solution to the problem. If you have any contribution or comment you will like to add to these post, you can do that by posting it in the comment section below.
Origin of The Nigerian Naira
The Naira was officially introduce in Nigeria in the year 1973, replacing the pounds. At that time, 1 pounds = 2 Naira. Nigeria was the last country to stop using the £sd currency system.
On the 1st of January 1973 the Central bank of Nigeria (CBN) introduce the note for 50 kobo, 1 Naira, 5 Naira, 10 Naira, 20 Naira. In the year 1989 the Central Bank of Nigeria stop issuing the 50 Naira note. In the year 1991, The Central Bank of Nigeria started issuing 50 Naira note followed by the 100 Naira note in 1999, 200 Naira in 2000, 500 Naira in 2001 On the 12th of October 2005 the central bank of Nigeria introduce 1000 Naira note,
New versions of the 5 Naira, 10 Naira, 20 Naira and 50 Naira banknotes were introduced. Initially the 10 Naira, 20 Naira and 50 Naira banknotes were to be polymer banknotes, but the 5,10 and 50 were delayed to late 2009 and only the 20 was released in polymer.
In the year 2012, the Central Bank Of Nigeria contemplated on Introducing the new denomination of the 5000 naira currency.The bank has also made plans to convert ₦5, ₦10, ₦20 and ₦50 into coins which are all presently notes.
On November 12, 2014, the Central Bank of Nigeria issued a 100 naira memorial note to praise the centennial of Nigeria’s presence. The notes are like its consistent issue with the picture of Chief Obafemi Awolowo on front, however is overhauled to incorporate another shading plan, modified security highlights, the content “One Nigeria, Great Promise” in smaller scale printing and on the back is a quickresponse code (QRC) which when checked leads clients to a site about Nigeria’s history.