Why is the exchange rate from dollar to naira swinging up and down so much now, and what causes it to move like that?

Updated June 4, 2025 • 1-min read

Posted by Anonymous

Jun 3, 2025

1 answer

currencynairadollarBusinessexchange rates

1 Answer

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Posted by Anonymous - Jun 3, 2025

Oh man, the dollar to naira exchange rate is all over the place right now because Nigeria’s economy is super sensitive to world events and local stuff happening too. I've been checking sites like XE.com and 30rates.com, and every few hours the numbers change! Lately, 1 dollar is around 1578 naira, but the rates were as high as 1582 naira just yesterday.

A big part of why this keeps happening is oil prices, since Nigeria gets a ton of its money from oil. When those prices drop, it’s like the whole country suddenly has less dollar bills, so the naira loses value. There's also this thing where Nigeria’s government changes policies about how much people can move dollars in and out of banks, which kinda freaks everybody out and shakes up the market.

Plus, people and businesses in Nigeria need dollars to buy stuff from other countries, but getting dollars isn’t always easy. So when more people want dollars than what’s available, the rate jumps. It’s kinda like when everyone wants the coolest shoes and there’s only like ten left—prices just shoot up.

Honestly, if you need to exchange money, always check the rates in real-time 'cause they change way faster than a few years ago.

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