USD/NGN : US Dollar / Nigerian Naira

USD/NGN fell by 0.20% on Friday October 24, trading at 1,459.7 with a weekly loss of 0.51% and monthly loss of 2.13%. The Nigerian Naira strengthened against the US Dollar due to the Central Bank of Nigeria's monetary tightening and foreign exchange reforms. These actions reduced speculative trading and narrowed the gap between official and parallel market rates, supporting the Naira. A decline in inflation to its lowest in three years boosted investor confidence, leading to foreign portfolio inflows that further strengthened the Naira. Increased oil revenue, improved non-oil earnings and a robust trade surplus supported Central Bank interventions, increasing foreign reserves and benefiting the Naira. The start of operations at the Dangote refinery reduced dollar outlays for imports, positively impacting the trade balance and supporting the Naira. Its 52-week high was 1,687.784, while its 52-week low was 1,453.17.

5 Days 1 Month 3 Months 6 Months YTD 1 Year 3 Years 5 Years 10 Years
-0.51% -2.13% -4.76% -9.35% -5.46% -11.30% 229.18% 283.43% 634.26%