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Home >> Others >> Dollar To Naira Exchange Rate Today: Black Market Rate 2016.

Dollar To Naira Exchange Rate Today: Black Market Rate 2016.

DOLLAR TO NAIRA EXCHANGE RATE TODAY: BLACK MARKET RATE 2016.

Not withstanding 2016 has been an unfortunate year for Nigeria Naira as it excessively depreciates against the US dollars. It has has not been so in recent years, the current exchange rate of dollar to naira is updated daily here.

Not only dollar, EURO and Pounds has risen graciously against our precious naira, though Central Bank Of Nigeria charges low when compared to inter banks. The action needs to be taken care of as different banks charges at different rate.

dollar to naira exchange rate

I have compiled All Nigerian Banks Exchange Rate for Dollars, EURO and Naira, Important you can also check out how much GTBank charges for a dollar, Euro and Pounds since the basic currency we trade most is the US Dollars, European EUROs and Great Britain Pounds.

Let’s quickly check dollar to naira exchange rate today for December 2016, Note that the below information will be updated daily and I have taken actionable steps to compile both Central Bank Exchange Rate Today and Black Market Rate

So

Dollar To Naira Exchange Rate Today: Black Market Rate December 2016.

CBN $1 Dollar To Naira Exchange Rate Today December 2016

Buying Rate: N315.5
Selling Rate: N315.5

Black Market $1 Dollar To Naira Exchange Rate Today December 2016.

Buying Rate: N475
Selling Rate: N482

The fluctuation of dollar to naira exchange black market has been static between 462 – 470 these days which is too high to be called a good exchange rate, Buying things with my Naira MasterCard is now a dream, I’d rather use Payoneer MasterCard.

Series of changes has occurred in Nigeria’s Economy and it’s affecting business owners and importers who rely solely on selling Imported Goods and Services, It’s of no more news that the three basic needs of life is now expensive in the country even the cost of living in the country has skyrocketed.

DOLLAR TO NAIRA EXCHANGE RATE HISTORY

Date                                                                                   Naira Per US $

1999                                                                                   N21.89

2000                                                                                  N85.98

2001                                                                                   N99 – N106

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

Furthermore, Looking at the charts of Naira to Dollar Exchange Rate from 1999 make me feel a little awkward. The naira has been a winning competitor against the dollar in the bye days, this time the economy is strong and we rely mostly on goods produced here.

Consequently from 1995-1999 it’s pegged at N21.89 but everything changed when year 2000 Kicked in, the dollar to naira exchange rate was called to be N85.98, In 2011 – 2014 dollar was exchanged for N150 – N153 and when 2015 / 2016 comes in naira dropped massively against dollar.

WHAT CAUSES THE INFLATION OF THE EXCHANGE RATE

Looking at what causes this, I came to think that we rely mostly on importing than exporting goods, We rather export toothpick than to create it here in Nigeria, China, Japan and Italy has now been a forward factor when opting in for new products.

In other words, another factor that causes that influence the sudden fall of naira against dollar is Petroleum, Nigeria Main source of income is this, we believed so much in Petroleum and whenever this resource price fall at the world market, Nigeria Naira would follow it.

Nigeria is country blessed with Agriculture Products, Technology is growing faster in the country and we are still developing, If Nigeria can leverage selling Agricultural Products combined with Petroleum, It would be a success for the country.

In short form Nigeria seeks for more dollars compared to naira this is caused by massive importation of Product. To solve this we need to export more products out of the country than importing.

Finally that is it about Dollar To Naira Exchange Rate Today: Black Market Rate 2016. Kindly Help by sharing this post to other entrepreneurs out there.


We would like to hear from you too. Kindly share your views and thoughts on how Nigeria can reduce the Inflation of Dollar To Naira Exchange Rate.

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5 comments

  1. Thanks for this wonderful updates. But who is willing to advice this current government? Everyone is afraid of the Buhari sysdrom

  2. James Igbinosa peter.

    The government should encorage small business to grow, nigerians should belive in themself that we can make this country great and stop runing always. GOD BLESS NIGERIA.

  3. James Igbinosa peter.

    The government should encorage small business to grow, nigerians should belive in themself that we can make this country great and stop runing alway. GOD BLESS NIGERIA.

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