US Dollar to Naira Bank Rate Today and Details of Macro Fundamental Challenges Hurting the Naira
US dollar to naira bank rate today remained largely unchanged at around N386 to a US dollar. However, currency traders can check the daily US dollars to the Naira exchange rate using our currency calculator.
On the black market, US Dollar to Naira exchange rate stood at N468 on Wednesday morning, a decline of N1 from the N467 it traded on Tuesday. Suggesting that economic uncertainties continue to dictate Naira value despite central bank efforts at supporting the local currency.
The apex bank had lowered the monetary policy rate to stimulate growth and broaden economic productivity just a few weeks after resuming forex sales to the bureau de change operators across the nation.
Also, the federal government announced a survival fund to support micro small and medium businesses impacted by COVID-19. All these are yet to reflect on the economy or the naira value as weak sentiment regarding project recession in the third quarter continued to outweigh any positivity.
While interest rate reduction had bolstered the attractiveness of the Nigerian Stock Exchange in the last one week, it is yet to reflect on Naira value as forex scarcity has impeded manufacturers and other import dependent businesses from access the US dollar for their raw materials.
Even with the US Dollar to Naira bank rate trading better when compared to the black market rate, it is generally inaccessible as banks have capped the foreign spending limit to $100 per month, meaning small import businesses that depend on Dollar to Naira bank rate to operate will struggle henceforth.
These numerous macro fundamentals issues amid a 27.1 percent unemployment rate and over 13 percent inflation are affecting investors’ confidence in Africa’s largest economy.
The central bank US Dollar to Naira exchange rate remained N379 but available at N380 to banks that also added operating cost and spread to between N383 and N386 depending on the bank you are dealing with.