Dollar Rate & Market Impact
Understanding how exchange rates affect the price of food and goods in Nigerian markets.
Current Exchange Rate (USD to NGN)
30-Day Rate Trend
Source: ExchangeRate-APIWhy does this matter?
Nigeria relies heavily on imports for refined items like sugar, vegetable oil, and electronics. Even locally produced items like rice often use imported fertilizer and machinery.
When the Naira falls against the Dollar, the cost of bringing these goods into the country increases, leading to higher prices in the market.
What can you do?
- 1Buy Local Subsitutes: Where possible, choose locally sourced produce which is less affected by immediate FX rates.
- 2Stock Up: If the trend shows a sharp rise, buying non-perishables in bulk now can save you money later.
- 3Check Selvo Prices: Compare prices across different shops to ensure you aren't being overcharged.