Skepticism, anger and fear continue to trail the countenances of Nigeria as the Naira continues to plummet down against the Dollar even with rising Forex reserves.
The effect of these is the continued rise of prices of foreign goods such as cereals and electronics which has skyrocketed to all time high.
As of the time of writing this piece, the Naira is ₦550 to a dollar at the parallel market, while interbank rate is 410.
The rate at which the Naira continues to weaken has made people apprehensive hence they are tracking the exchange rates to know and understand what is happening to the Naira.
There are many ways by which you can track the foreign exchange rate
This article will help you identify five ways by which you can keep track of the Naira to Dollar/Dollar to Naira exchange rate.
Exchange rates Apps
If you are one of the many Nigerians who taken a keen interest in the free fall of the Nigerian Naira, you are tech savvy and always with your mobile phone, downloading the NgnRates app will be good for you.
You will be able to monitor the exchange rates not just the Naira to dollar but Naira to other currencies.
As changes occur, you will get notification that will keep you abreast of the latest happenings.
Exchange Rates Websites
There are lots of exchange rates websites that gives updates on the changes that occur in the currency market. AbokiFX and Trade Naira are two websites that are prominent. Not only are they reliable, they are also efficient when it comes to giving the latest news in the exchange rates. Another benefit of these websites is that they help you understand how to trade on Forex.
Newsletters are emails you get from subscriptions you made to some companies. If you are the type that checks your email first thing in the morning, checking out the newsletter sent by Stears Business will help you understand the exchange rate for that day.
Not only will they just throw figures at you, they use data and facts to drive those figures.
Newspapers are also great avenues by which you can keep track of exchange rates.
The Nigerian guardian has a section called the daily monitor that tracks the exchange rate for the day.
Other newspaper agencies such as The Punch, The Nigerian Tribune, The Nation and so on have sections that track the exchange rates.
Nigerians who are always stuck in early morning traffic are always in the habit of listening to the radio.
The early morning programs that include the daily news also give fresh updates on the exchange rates.
For instance Beat FM Morning Rush gives the latest updates on the happenings in the exchange rate. Through this medium, you will be abreast of the exchange rate.
A number of factors are behind the reasons Nigerians are now keeping tabs on the happenings in the exchange rates.
Freelancers who work in Nigeria and earn in dollars are keeping tabs because they might want to know when to cash out or otherwise.
Also, people that trade with dollars are also always on the lookout for the latest in the exchange rate.
The weakening of the Naira is a reason of poor policies made by the government and the Central Bank of Nigeria over the years as regards the nation’s economy.
As the Naira weakens, exchange rates go higher and the commodities that are gotten from abroad gets more expensive.
The actual truth is that, the masses are the ones bearing the brunt of this financial effect.