Naira to dollar exchange rate, Latest news about one dollar to Nigerian naira – Here is a wonderful piece of information that will guild you properly about the current exchange of 1 dollar to naira and vise Vassar. In the last few months dollar has been scarce in Nigeria and this resulted to the high exchange rate of dollar to Nigerian naira.
We will take time to give you details information conserving reasons why this is happening in Nigeria. You will also get to know those who are behind the high naira to dollar exchange rate.
Oil production and distribution
Before now, Nigerian government used to produce and export oil to other countries, THIS HELPED TO MAKE Naira (Nigerian Currency) to dollar exchange TO BE BETTER. But for few years now, the reserve has been the case.
Do you know that Nigeria exports only few crude oil, this is one of the reasons why Naira to dollar exchange rate is too high.
Oil sales in Nigeria can’t really help us in terms of foreign reserve. We must export our locally produced goods like oil in order for us to strengthen our naira.
Consuming home made goods
It is not a a news again that Nigerians loves using made in China, USA, and UK. Naira to dollar exchange rate can only be stabilized if Nigerians can use 70% percent of goods/services produced in Nigeria. When we buy from other countries, we just help them to circulate and maintain their own economy.
Dollar to naira exchange rate can only be equal when we produce, eat and export some of our home made goods and service. Nigeria is among the countries that still import tooth pick and other minor things.
Today black market exchange may be bigger or smaller than tomorrow rate. Abokifx is one of the top Nigerian websites where you can get daily dollar exchange rate to naira.