Welcome to GoldenNewsNg! We provide daily updates on the dollar to naira exchange rate. Today, we present the Aboki Exchange Rate for May 20th 2023.
Dollar to Naira black market exchange rate today is between ₦755 and ₦765 with an average of ₦757.80 in Nigeria, according to aboki exchange rate.
The Black Market dollar to naira which is also known as Aboki Dollar to Naira Exchange Rate as of 20th May 2023 :
| USD to NGN | Buying Rate | Selling Rate |
|---|---|---|
| 1 USD | ₦755 | ₦760 |
According to data released on the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US dollar on Wednesday, May 17, 2023, was as follows: the Naira opened at ₦463.96 per dollar and closed at ₦464.67 per dollar.
The Impact of Exchange Rate Movements on Trade and Investment between the United States and Nigeria
The United States-Nigeria Trade Relationship: The trade relationship between the United States and Nigeria holds significant importance for both economies. Let’s delve into the key aspects of this bilateral trade partnership.
- Overview of Bilateral Trade: The United States and Nigeria have a long history of trade relations, with robust exchanges of goods and services. Understanding the scale and nature of this trade is essential to comprehend the impact of exchange rate movements.
- Major Exports and Imports: Identifying the primary goods and services exchanged between the United States and Nigeria sheds light on the specific sectors affected by exchange rate fluctuations. This knowledge helps businesses and investors assess risks and opportunities.
The Impact of Exchange Rate Movements on Trade: Exchange rate fluctuations can have far-reaching consequences on trade dynamics. Let’s explore how they influence various aspects of trade between the United States and Nigeria.
- Export Competitiveness: Currency movements impact the relative prices of goods in international markets. We will analyze how exchange rate fluctuations affect the competitiveness of U.S. and Nigerian exports and the resulting implications.
- Import Costs and Affordability: Exchange rate movements can influence the cost of imported goods. This section explores how fluctuations impact the affordability of imports for both the United States and Nigeria, and the potential consequences for trade.
- Trade Balance Effects: Exchange rate movements can impact the balance of trade between countries. We will examine how currency fluctuations affect the trade balance between the United States and Nigeria and the broader implications for their economies.
The Impact of Exchange Rate Movements on Investment: Apart from trade, exchange rate movements significantly influence investment patterns. Let’s explore the relationship between currency fluctuations and investment between the United States and Nigeria. Read More on the Impact of Exchange Rate HERE
