LAGOS PARALLEL MARKET RATES
| NGN | USD | GBP | EUR |
| 07/09/2021 | 527 / 532** | 720 / 725** | 620 / 625** |
| 06/09/2021 | 525 / 530* | 715 / 722* | 615 / 623* |
| 03/09/2021 | 525 / 530 | 715 / 722 | 615 / 622 |
| 02/09/2021 | 525 / 530 | 715 / 720 | 614 / 620 |
| 01/09/2021 | 523 / 528 | 712 / 717 | 612 / 616 |
CBN Exchange Rates
| NGN | USD | GBP | EUR |
| 03/09/2021 | 410.40 | 567.75 | 487.31 |
| 02/09/2021 | 410.37 | 566.06 | 486.29 |
Forecasting the Exchange Rates Between the US Dollar and Naira
In this piece of article, I am hoping to shed some light on the Naira Dollar and explain why some people might be exchanging one for another. For those who aren’t familiar with the Naira Dollar, it is a common African currency that is worth about one US dollar. It is a stable currency that doesn’t vary much and has been going strong for the last few years. It was introduced in 1997 and since then has gone on to become extremely popular in many countries.
To give you some quick information on this article, the Naira Dollar and the Greenback are most likely the most commonly exchanged currencies by traders within the Forex industry. Besides giving you the most up to date updated information on the United States Dollars and the Nigerian Naira, this particular article also provides you with an in depth insight into some important facts that you should definitely be familiar with by the end of the article. Also at the end of the article, there are some terms that you definitely need to become familiar with in order for you to fully understand this article. This includes the terms base currency, market currency and spot market currency. By the time you have finished reading through all of this information, you’ll know exactly how to interpret the data and make decisions based on it.
Now let’s get down to business and talk about how you can use the data that you receive from your trading systems or computers to predict the US Dollar and the Niger Delta Dollar. There are a lot of factors that come into play when you are looking at the data that you receive from your Forex system. For example, there are several economic indicators out there like; Consumer Price Index (CPI), gross domestic product (GDP), unemployment rate, durable goods orders, inventories, employment rates and several other economic indicators. These are used by traders and investors to determine the value of the US Dollar and the various nations’ currencies.
One of the major uses of these economic indicators is to determine the value of the US Dollar against all of the major currencies being traded on the world-wide exchange rate today. The main reason that traders use this data to predict the exchange rate today is due to the large number of economic indicators that are available on the black market. Today, in the United States, we refer to this as the parallel market or the paper market. But the term black market is used to specifically refer to the Forex exchange rate today.
When you predict the value of the US Dollar against the various other major currencies being traded on the black market you are basically creating a forecast for the future of the exchange rate. And in order for you to make a good forecast you must know what the trends are doing in the Forex exchange rate. It does not matter if you choose the dollar in the end; you still have to predict how the dollar is going to perform over the next few months to see if you were right or not. In order for you to make good forecasts you must take a look at what happened during the past two to four weeks.
In order to get a good USD to Naira Forecast, you must also look at the international news and related factors that affect foreign exchange rates. For example, the EUR/USD pair has been on a strong uptrend recently. This is because of the US decision to remove the dollar from its list of global currency. Another factor that has had a major impact on the foreign exchange rates is the tension in the Middle East and the effect it is having on oil prices. A good USD to Naira forecast will help you make predictions about these factors, which in turn will help you make a good prediction about the exchange rates between the two currencies.