Exchange rates
Exchange rate is the rate at which one currency is exchange with another, it could also mean the value of one’s country currency in terms of another countries currency, for example, in commercial banks NGN200 is exchange for one unit of us dollar, and it means US$1 is equivalent to NGN200. Exchange rate is determined in foreign exchange market. The foreign exchange market otherwise known as forex market is opened 24hrs a day and all days except the weekends,
We have two type of exchange rate the spot exchange rate and the forward exchange rate. The exchange rate that is quoted and traded at that same business day is called the spot exchange rate while an exchange rate quoted and meant to be traded in a future date is known as a forward exchange rate, the spot exchange rate is the exchange rate we normally see in our commercial banks, quoted on forex calendar etc this exchange rate are what determine a country currency value and rate use by travelers who wish to trade in foreign currency. But the forward exchange rate is in form of future contract, conducted by two persons upon an ag

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