Correct Dollar To Naira Exchange Rate Today Black Market December 2016
Do you need answer to this question “ How Much is Dollar To Naira Exchange Rate Today in Nigerian Black Market ”? if that is what brought to here you have landed at the right page as we are about to reveal to you right away The current Naira to dollar exchange rate in Nigeria today and it will be updated daily due to periodic rise and fall of currencies (Fluctuation).
Due the hieghtened rate at which US dollar rise and fall against Naira , people now have interest on how much a dollar is in Naira. Often times, my readers contact me asking me How Much Is Dollar To Naira Exchange Rate Today Black Market that is why i want to officialy create an article for them and it will be updated on a daily basis. The most free fall in the black market talking about Naira to dollar exchange rate was when Naira fall to N517 per $1 which was hitting hard on Nigerian . But of recently, Naira has strenghten against dollar a bit better than how it was some months ago.
The fall of Naira against dollar isn’t encouraging , in fact, many Nigerians now spend more cash buying less products compared to those times when Dollar To Naira Exchange Rate was a bit fair. The reasons for NIgeria current recession is traced down to the present Dollar To Naira Exchange Rate and i will take my time to sketch out why this is happening to Nigeria .
Increase in Importation of Goods
As a country , it will pose an adverse effect if you imports more than you export. It means that you are producing less and buying more from another country which will not in any way help you . Nigeria is one country that imports more than it export and is one obvious reason the country is passing through hard time . Nigeria is a very comsuming country talking about food and other househiold products and if NIgeria can start producing some of these products which will go a long way to improve the standard of living of its citizens. When it comes to international transactions Nigerains use dollar and that dollar is very scarce right now , Nigeria need to start producing more and import less to meet up .
The Love For Foreign Products
One thing i have come to understand about Nigerians is that they love quality products and they have that mindset that Nigeria is not worthy of producing quality products that is why they will always go for goods produced by foreign countries . If quality products are made in Nigeria today , people will buy them and if you make a quality product and label it ‘made in Nigeria,’ you would see low level of patronage. This has to change , quality products should be made in Nigeria infact the price should be a little bit higher than usual people will still buy it as far as the product is original .
Funny enough, it has gone to an extent that Nigerians prefer services rendered by persons from foreign countries as if that is not enough, they are being paid in their own currency rather than Nigeria currency which is not a good one for the country as it will go a long way to affect the country . We are only talking of dollar , EURO and pounds has also risen graciously against our precious naira, though Central Bank Of Nigeria charges low when compared to inter banks.
Dollar To Naira Exchange Rate Today: Black Market Rate December 2016.
CBN $1 Dollar To Naira Exchange Rate Today December 2016
CBN $1 Dollar Buying Rate ==>> N315.5
CBN $1 Dollar Selling Rate ==>> N315.5
Black Market $1 Dollar To Naira Exchange Rate Today December 2016.
Black Market Dollar Buying Rate ==>> N475
Black Market Dollar Selling Rate ==>> N482
Dollar to Naira Exchange Rate History
1999 → N21.89
2000 → N85.98
2001 → N99 – N100
2002 → N109 – N113
2003 → N114 – N127
2004 → N127 – N130
2005 → N132-N136
2006 → 128.50-131.80
2007 → 120-125
2008 → 115.50-120
2009 → 145-171
2010 → 148.21-154.8
2011 → 151.05-165.1
2012 → 155.09-161.5
2013 → 153.21-162.9
The main factor that causes that influence the sudden fall of naira against dollar is Petroleum, Nigeria Main source of income .
The post Correct Dollar to Naira Exchange Rate Today Black Market December 2016 appeared first on Nigerian Info Box.