Cryptocurrency Q&A
Is NGN pegged to USD?
Is NGN pegged to USD?
amelia_doe_explorer
Mon Oct 28 2024
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7 answers
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I'm wondering if the Nigerian Naira, commonly known as NGN, is pegged or fixed to the United States Dollar, which is abbreviated as USD. I'd like to understand the exchange rate relationship between these two currencies.
7 answers
Silvia
Wed Oct 30 2024
The Nigerian naira experiences significant fluctuations in comparison to other global currencies.
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Federico
Wed Oct 30 2024
This volatility is attributed to the Central Bank of Nigeria's primary focus on monitoring the US dollar.
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Riccardo
Wed Oct 30 2024
The Central Bank strives to maintain a stable peg between the naira and the US dollar.
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Paolo
Tue Oct 29 2024
However, this peg does not extend to other currencies.
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Ilaria
Tue Oct 29 2024
As a result, the exchange rate of the naira against other currencies can vary on a daily basis.
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