The Dollar to Naira Today in the exchange market as of Monday 28th March stands at N416.25/$1 according to rates from the Central Bank of Nigeria. This is against the local currency’s N416.30/$1 as of the exchange market closing on Friday, 25th March.
Also, with the Pounds Sterling and the Euros, the local currency stands at N545.91/£1 and N456.54/€1 respectively – with the local currency slightly showing an improvement with the Pounds Sterling and the Euros. These figures are also against the N549.783/£1 and N457.4588/€1 as at the exchange market closing last Friday.
Dollar To Naira Today in The Black Market
However, in the unregulated black market where Peer-to-Peer exchange occurs, Investors King gathered that the exchange between the Dollar and Naira currently ranges from N580/$1 to N585/$1. The rates are different from location to location across the country.
The CBN’s Balance of Payment Report
A report by the Central Bank of Nigeria (CBN) has revealed that Nigerians spend heavily on education and healthcare services abroad which ultimately affects the value of the Naira and increases the demand for the Dollar where supply is short.
According to the CBN report, Nigerian parents and guardians spent a total of $39.66bn on foreign education and healthcare-related services between 2010 and 2020, an amount that is more than the country’s current foreign reserves of $39.51 billion.
Nigerians Lament Increased Prices of Goods and Services
Due to the exchange rates as well as other underlying factors in Africa’s largest economy, the prices of goods and services have increased to levels that experts and stakeholders alike have tagged as alarming. With the current Consumer Index Price ratings rising to 15.70% in the month of February alone, experts project even higher numbers in the coming months if nothing is done to abate the situation.
Cryptocurrency Today
In the digital currency exchange market, Bitcoin and Ethereum showed another improvement as it has shown good levels since the exchange window last Friday. The digital currency increased to N19.76 million/1BTC from its N18.29 million/1BTC which represents a 1.12% increase.
The second most popular cryptocurrency, Ethereum, also showed a 3.15% increase which represents N1.42/1ETH from its previous N1.30/1ETH.
