“While this note focuses primarily on developments in 2022, pressures against the US dollar have persisted in the first months of 2023 in many countries,” the IMF said.Įxchange rate pressures stem from both global and domestic factors, the Fund said adding that the combination of monetary policy tightening in advanced economies and greater global risk aversion decreased net foreign exchange inflows to the region and priced out frontier economies from the international capital market. The exchange rate pressures also manifested in the depletion of reserve assets, as foreign exchange inflows slowed, and central banks used their reserves to finance imports and repay foreign debt.Īccording to the IMF an index - combining depreciation against the US dollar and reserve depletion - shows that exchange rate pressures were at a six-year peak in 2022, on average, and were higher in pegged regimes and non-resource-intensive countries. The report noted that pegged countries-where the exchange rate is fixed (mostly to the euro or the South African rand)-also saw their currencies weaken against the US dollar. Below, you'll find Nigerian Naira rates and a currency converter. The currency code for Nairas is NGN, and the currency symbol is. Our currency rankings show that the most popular Nigerian Naira exchange rate is the NGN to USD rate. In the report, the IMF said the official exchange rates in non-pegged countries, where the exchange rate is not fixed to another currency on a de jure basis, depreciated 7 percent on average year over year by the end of 2022, exceeding 20 percent in some cases. 1.00 US Dollar 458.68 571 Nigerian Nairas 1 NGN 0.00218014 USD We use the mid-market rate for our Converter. The Nigerian Naira is the currency of Nigeria. ![]() Subscribe for Forex updates at 09h00 and 16h00 daily. These rates are indicative and exclude commission and charges. The IMF said most currencies weakened in 2022 against the US dollar-the dominant currency for trade invoicing and external According to our data, NGN to USD is the most popular Naira exchange rate conversion. All exchange rates are updated regularly. How much is 100 in NGN 100 US Dollars 46,063 Nigerian Nairas as of Ap12:45:00 PM UTC. You can get live exchange rates between US Dollars and Nigerian Nairas using, which aggregates real-time forex data from the most authoritative sources. You won’t receive this rate when sending money. ![]() In Nigeria, the exchange rate spread between the official and parallel market remained high at N273 per dollar. 1 US Dollar 460.63 Nigerian Nairas as of Ap12:45:00 PM UTC. 1.00 Nigerian Naira 0.17 834167 Indian Rupees 1 INR 5.60721 NGN We use the mid-market rate for our Converter. The IMF said this in its regional economic outlook report for sub-saharan Africa, released at 2023 Spring meetings in Washington D.c.
0 Comments
Leave a Reply. |