1 Dollar to Naira in 2013
Exchange Rate in 2013
In 2013, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) was quite volatile. The exchange rate was affected by various economic factors, including inflation, poverty, and political instability in Nigeria.
Average Exchange Rate in 2013
The average exchange rate in 2013 was around 157.30 NGN to 1 USD. This means that if you exchanged 1 USD, you would get approximately 157.30 NGN.
Highest and Lowest Exchange Rate in 2013
The highest exchange rate in 2013 was around 163.50 NGN to 1 USD, while the lowest exchange rate was around 151.50 NGN to 1 USD.
Factors Affecting the Exchange Rate in 2013
Several factors contributed to the fluctuations in the exchange rate in 2013. Some of these factors include:
Inflation
Nigeria experienced high inflation rates in 2013, which led to a depreciation of the Naira against the US Dollar. The inflation rate in 2013 was around 8.6%, which was higher than the previous year.
Political Instability
Political instability in Nigeria, particularly the activities of the Boko Haram terrorist group, led to a decline in investor confidence, which affected the exchange rate.
Oil Price
The global oil price fluctuated in 2013, affecting the Nigerian economy, which is heavily dependent on oil exports. The decline in oil prices led to a decrease in the value of the Naira.
Economic Downturn
The global economic downturn in 2013 also affected the Nigerian economy, leading to a depreciation of the Naira against the US Dollar.
Conclusion
In conclusion, the exchange rate between the US Dollar and the Nigerian Naira in 2013 was volatile due to various economic factors. The average exchange rate was around 157.30 NGN to 1 USD, with the highest rate being around 163.50 NGN to 1 USD and the lowest rate being around 151.50 NGN to 1 USD.
