AbokiFX exchange rate in Nigeria today
AbokiFX is a platform that provides the user with the exchange rate daily. The venue is a trusted converter that provides accurate exchange rates of different currencies against the Naira (Nigerian currency).
Nigeria is Africa's second-largest economy; however, it is not, in any way, a developed economy. The extremely low GDP per capita, inflation, a negative balance of payment, limited reserves, and the decreasing value provide multiple reasons why a country's currency rate is not in the best form.
One may wonder what impact does this has on the global economy. In usual circumstances where a developed country's currency is declining, it could have a major effect on the global economy; however, since Nigeria is not a developed country, its devaluation might not impact the global economy.
Africa's largest oil-producing country
Nigeria is Africa's largest oil-producing country. While producing such a large amount of oil is a plus, their economy depends on its exportation. If the exchange rate is low, many countries will buy their oil at low prices. This may positively impact countries that buy oil from Nigeria; however, it will negatively affect Nigeria. Things as simple as the low cost of goods and services could shift potential economic investors away.
Exchange rate in Nigeria today
The Nigerian Naira fluctuates in value when compared to the American dollar, British pound, and Euro.
USD: 1 dollar is equal to 465 Nigeria Naira on buying and 473 Nigeria Naira on selling
GBP: 1 British pound is equal to 642 Nigeria Naira on buying and 650 Nigeria Naira on selling
EUR: 1 Euro is 562 and 570 Nigerian Naira on buying and selling, respectively
Covid-19 impacted the local businesses during the country's mandatory lockdowns. Recovery from the loss of income when businesses could not operate has locals leaning on the government for support. The government is putting in the effort to ensure that households can survive through this difficult time by providing financial help.
The Nigerian currency does not have a major impact on the global economy. Oil prices have fallen because of Covid-19, which has not benefitted the country's economy; however, it has had no major impact on the world economy. However, the country's economy has greatly suffered from countless people unable to meet their necessities, and the country's government is trying to stabilize the economy post-Covid-19 outbreak.
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