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Home Business & Finance

Naira Gains as Dollar Drops to ₦1,590, Euro and Pounds Weaken – Feb 3 Update

Eriki Joan UgunushebyEriki Joan Ugunushe
February 3, 2025
in Business & Finance
0
Dollar Holds at ₦1,635, Euro and Pounds Surge in Black Market
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As of today, February 1 in Lagos, Abuja and Kano, here are the exchange rates for the Nigerian Naira (NGN) to the respective currencies: It includes the Naira Black Market exchange rates, Aboki/Bureau De Change (BDC).

Naira to Dollar Exchange Rate (USD to NGN):
Buying Rate 1610
Selling Rate: 1590

Euro to Naira Black Market Exchange Rate (EUR to NGN):
Buying Rate:1600
Selling Rate: 1650

Pounds to Naira Black Market Exchange Rate (GBP to NGN)
Buying Rate: 1,940
Selling Rate: 2000

Factors That Determines Exchange Rates:

  • Interest rates: Higher interest rates can attract foreign investors seeking better returns, leading to increased demand for the local currency and strengthening its exchange rate. Conversely, lower interest rates may discourage foreign investment and result in currency depreciation.
  • Balance of trade: A trade surplus, where exports exceed imports, creates demand for the local currency as foreign countries purchase goods and services. This increased demand strengthens the exchange rate. Conversely, a trade deficit can put downward pressure on the currency.
  • Foreign direct investment (FDI): Higher levels of foreign direct investment indicate confidence in a country’s economic prospects and can lead to increased demand for the local currency, strengthening its exchange rate.
  • Government policies and interventions: Government decisions, such as monetary policies and foreign exchange controls, can directly impact exchange rates.
  • Global economic factors: Global economic conditions, including economic growth, interest rate differentials, and geopolitical events, can affect exchange rates. Changes in the global economic environment can result in capital flows into or out of a country, influencing its exchange rate.

It’s important to recognize that these factors are interconnected, and changes in one factor can have cascading effects on others. This interdependence makes exchange rates a complex and dynamic system.

Tags: 590/$Euro and Pounds Weaken – Feb 3 Updatefederal characterFinanceNaira Gains as Dollar Drops to ₦1NewsNigeria
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

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