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The following shows that day's exchange rate of the currency pairs.
The drop in the price of oil, which accounts for about 90% of Nigeria’s foreign-exchange earnings, means that hard-currency inflows have dried up, putting pressure on the naira and making inward shipments even more expensive.Nigeria’s central bank has blocked access to foreign exchange for corn imports as it seeks to boost local farming output, even though the move is expected to add to already soaring food inflation. For example, you can instantly convert 1 USD to NGN based on the rate offered by “Open Exchange Rates” to decide whether you better proceed to exchange or postpone currency conversion until better times. “There will be a price to pay for this kind of thing. Nigeria’s inflation rate has been above the target range of 6% to 9% for five years and a report on Wednesday will probably show it accelerated to 12.7% in June, according to the median of three economists’ estimates in a Bloomberg survey.The rising level of inflation makes it difficult for the central bank to cut borrowing costs to boost the economy and the monetary policy committee unexpectedly cut its benchmark rate for the first time in more than four years in May.Despite being Africa’s largest producer of corn, Nigeria imports about 400,000 tons each year to meet demand, according to the U.S. Department of Agriculture.Brewers and poultry farmers who use corn as input and feed will be hurt by the ban, Muda Yusuf, director general of the Lagos Chamber of Commerce and Industry, said by phone.“We have some big poultry farms in the past that got waivers from central bank to import maize for their feed mills,” he said.
The page also shows the dynamics of the exchange rate for the day, week, month, year, in graphical and tabular form.
Nigeria’s central bank has blocked access to foreign exchange for corn imports as it seeks to boost local farming output, even though the move is expected to add to already soaring food inflation.
The interactive form of the currency calculator ensures navigation in the actual quotations of world currencies according to “Open Exchange Rates” and displays the information in a graph.The online converter will clarify the ratio between different currencies. History. USD US Dollar Country United States of America Region North America Sub-Unit 1 Dollar = 100 cents Symbol $, US$ The U.S. dollar is the currency most used in international transactions. Do you want to INVERT these currencies? This is the page of currency pairs on 30 Jun 2020, Nigerian Naira(NGN) convert to US Dollar(USD). There may be short-term disruptions like scarcity.”“You can expect prices to shoot up,” said Ahmed Jinad, an analyst at Meristem Securities in Lagos. However, a move last year to shut Nigeria’s land borders with its neighbors to curb the smuggling of rice, and later to restrict trade of all goods in an effort to bolster local production, resulted in shortages and price increases.The West African nation’s system of multiple exchange rates means that some importers will still access dollars on the parallel market, though at a much higher rate. How to Save your Nigerian Naira in Dollars.