The NGN/USD pair shows how many Nigerian naira are needed to buy one US dollar, reflecting Nigeria's reliance on oil exports and US monetary policy.
The curve shows the change in one unit of NGN expressed in USD. An upward slope means the base currency is strengthening relative to the quote currency; a downward slope indicates the opposite.
Use the 7-day, 30-day or 1-year periods to distinguish a short movement from a more lasting trend.
Volatility can reflect central-bank announcements, economic data, trade flows or risk sentiment. A chart is not a forecast: it describes the observations available for the selected period.
Du au · 18 observations
The NGN/USD exchange rate represents the value of the Nigerian naira relative to the US dollar. This directed pair indicates how many naira are required to purchase one dollar. It is widely used by businesses engaged in trade between Nigeria and the United States, as well as by individuals sending remittances or investing in Nigerian assets. When the naira appreciates against the dollar, it means fewer naira are needed to buy a dollar, which can lower import costs for Nigeria but may reduce the competitiveness of its exports.
Structural drivers of the NGN/USD rate include the monetary policies of the Central Bank of Nigeria (CBN) and the US Federal Reserve. Interest rate differentials between the two countries influence capital flows, with higher rates in Nigeria potentially attracting foreign investment, though this is often offset by inflation and currency risk. Nigeria's economy is heavily dependent on oil exports, making the naira sensitive to global crude oil prices. Inflation differentials, trade balances, and remittance flows also play significant roles. The US dollar's status as a global reserve currency means that global risk sentiment and US economic data can drive demand for the dollar, affecting the pair.
Over the past several years, the NGN/USD rate has experienced periods of relative stability followed by sharp adjustments, often linked to changes in oil prices and CBN policy actions. The central bank has periodically devalued the naira to align with market forces, leading to a trend of gradual depreciation. More recently, efforts to unify the exchange rate and attract foreign investment have introduced greater volatility. Without specific figures, it is important to note that the pair's trajectory has been shaped by Nigeria's balance of payments pressures and the interplay between official and parallel market rates.
This analysis is provided for information only and is neither a forecast nor financial advice.
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| Date UTC | Rate | Change |
|---|---|---|
| 0,00073471 | -0.08% | |
| 0,00073529 | +0.31% | |
| 0,00073303 | +0% | |
| 0,00073303 | -0.03% | |
| 0,00073328 | +0.10% | |
| 0,00073257 | +0.11% | |
| 0,0007318 | -0.16% | |
| 0,00073296 | +0.20% |
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Displayed source: api.forex. Indicative values are used only as a visual fallback.