Convert USD to 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.
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.
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.