Convert USD to NGN - US Dollar to Nigerian naira Exchange Rate | FX LeadersFX Leaders
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WHAT IMPACTS THE USD/NGN EXCHANGE RATE
USD/NGN is the symbol that denotes trading of the US dollar against the Nigerian Naira. Nigeria is classified as a lower-middle-income emerging market as per the World Bank, but its currency is not as volatile against the US dollar as most other emerging markets. This is because the Central Bank of Nigeria keeps a close eye on the value of the USD and tries to peg the NGN to it.USD/NGN's exchange rate is heavily influenced by crude oil prices as crude oil is a key export out of Nigeria. When crude oil prices fall, it weakens the Nigerian Naira and turns this currency pair bullish, and vice versa. In addition, key economic data from the US and Nigeria, including GDP, inflation, trade balance, public debt and current account deficits also have a significant impact on the value of the US dollar and the Nigerian Naira.Monetary policy decisions by the Federal Reserve and the Central Bank of Nigeria also can cause fluctuations in the value of USD/NGN. For instance, a hawkish monetary policy or increase in interest rates by the Fed increases the appeal of the US dollar and strengthens it against other currencies.
USD to NGN CONVERSION RATES
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USD to NGN CHARTS
USD/NGN Live Chart
USD/NGN Historical Chart
USD to NGN EXCHANGE RATE - FAQ
How does trade balance influence the exchange rate of USD/NGN?

Whenever a country's imports exceed that of its exports, it creates a trade deficit, which means it spends more than it earns through trade. A higher trade deficit is an indicator for a weak economy, while a trade surplus - when exports outnumber imports, has a positive contribution towards the GDP and strengthens the country's economy. In this case, a higher trade deficit for Nigeria weakens the NGN and turns USD/NGN bullish.

How volatile is the USD/NGN currency pair?

Unlike most other forex pairs, USD/NGN does not see much volatility because the Central Bank of Nigeria closely monitors the value of the USD and pegs the value of the NGN to it. However, the NGN displays higher volatility against other currencies in the forex market.

How safe is it for new forex traders to trade USD/NGN?

Although the Nigerian Naira is considered an emerging market currency, the USD/NGN is one of the lesser volatile emerging market pairs in the forex market. As a result, it is relatively less risky for new forex traders to consider trading.