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Live USD/NGN priceUS Dollar to Nigerian Naira
Nigeria is one of the poorest countries in Africa. There are ongoing armed conflicts in the country. Many political events or decisions lead to armed conflicts among the population. The exchange rate of the national currency is regulated manually. In 2016, the Central Bank abandoned the fixed exchange rate in favor of holding foreign exchange auctions among banks. However, the monetary policy remained non-transparent. Due to the cash shortage, the exchange rate on the black market is almost twice as high as the official one.
Recommendation for USD/NGN on the 15M timeframe is Strong Sell.
Recommendation for USD/NGN on the 1H timeframe is Sell.
Recommendation for USD/NGN on the 1D timeframe is Strong Buy.
In June 2023, the Central Bank made a radical decision to switch to a floating exchange rate, as a result of which naira immediately depreciated by almost 2 times. But this did not solve the problem of the black market, since the currency remained practically inaccessible to the population. Analysts are betting on continued devaluation.
In our article, you will be able to learn the latest price forecasts and signals on the USD/NGN currency exchange rate for 1 hour-1 week. USD/NGN forecasts and signals are based on the technical analysis indicators.
On this page, you will find the latest information about current prices, updated and new forecasts for short and long-term intervals:
- Asset quotes are updated every minute.
- Price chart is updated every minute.
- Technical indicator data is updated according to the time frame. For example, on M5, the data is updated every 5 minutes.
- Medium and long-term forecasts are updated every hour.
