Factors That Affect Naira Exchange Rate To us Dollar
The US dollar to the naira exchange rate is 485 JPY in the Lagos Nigerian parallel market. The dollar traded at 482 Yen when the black market opened this week. This corresponds to the dollar's rise by 0.62% this week. When we look at the entire month, the dollar exchange to naira today was recorded at 482 yen when the black market opened on Monday, March 1, 2021, earlier this month. With the US dollar trading at 485 yen now, we see a 0.62% increase in the US dollar to naira exchange rates for March. Supply and demand Oftentimes, exchange rates are dependent on the supply and demand of the country's currency. When investors or governments try to sell a country's currency, the supply of that currency increases. This reduces the value. If the demand for a particular currency increases, the value also increases. Some countries control supply and demand by actively buying and selling currencies. Inflation When a country's inflation rate is high, the value of its money dec