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USDNGN

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1d
1w
1m

Analysis and statistics

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About

The financial product symbol USDNGN.FOREX likely refers to the exchange rate between the US dollar (USD) and the Nigerian Naira (NGN) in the foreign exchange (FOREX) market. It represents the price of one US dollar in terms of Nigerian Naira, indicating how many Naira are needed to purchase one US dollar. This pair is commonly traded in the Forex market, reflecting the relative economic performance and demand for each currency.

Factors

Exchange rates are affected by a myriad of factors. Here are a few key determinants of the USDNGN rate. Economic Performance: Strong US economy often strengthens USD.

Interest Rates: Higher US rates attract investment, boosting USD.

Inflation: Higher US inflation weakens USD.

Political Stability: Political risk in Nigeria weakens NGN.

Commodity Prices: Nigeria's oil revenue impacts NGN.

Central Bank Policy: Actions of US Fed and CBN influence rates.

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