naira to dollar exchange rate

The naira to dollar exchange rate indicates how much one Nigerian naira is worth in U.S. dollars. It fluctuates based on various factors such as global economic conditions, Nigeria’s economic stability, oil prices (since Nigeria is a large oil producer), government policies, and market demand. When the naira weakens against the dollar, it takes more naira to buy one dollar, making imports more expensive. Conversely, a stronger naira means fewer naira are needed to purchase a dollar. This rate affects prices, investments, and Nigeria’s overall economic health.