Tired of trying to catch up with the latest Naira exchange rates? Then worry no more!

You’ll find everything you need to know in
our second update on the Naira’s
fluctuations on the parallel market.
It’s crucially important to make yourself
familiar with this information as the Nigerian
Central Bank’a official forex rate remains
fixed at N197 to USD1.
We take fluctuations in global oil prices,
political news, economic events and other
issues into account when drawing up out
articles and present the information in an
easy to understand format.
One issue that is obviously crucial, given that
it accounts for 78% of Nigeria’s economy, is
the price of crude oil.
As you can see above, the massive plunge in
global oil prices has had a huge effect on the
strength of the Naira against the US Dollar.
The Naira is now buying at N297 to the US
Dollar and selling at N301, after recently
dipping down to as low as N310, a record
low in over the last decades.
Amid ongoing tension between oil powers
like Iran and Saudi Arabia, and an uncertain
market in China and East Asia, there is no
guarantee that oil prices will increase in the
near future, so watch this space.
We will keep track of all the most important
events that effect the exchange rate, so you
do not have to!