Nicaragua: closing price of the dollar today, March 16 of USD to NIO

The US dollar traded at the close at 35.55 Nicaraguan córdobas, which represented a decrease of 10.02% compared to 39.51 Nicaraguan cordobas the previous day.

Compared to the last seven days, the US dollar has increased by 0.11%, so that for a year it has still accumulated a rise of 1.86%. Comparing this data with that of past dates, the direction of the previous result changed, where an increase of 0.05% was recorded, without being able to establish a stable trend in recent days. With reference to the volatility of the last week, it presented a balance that was clearly higher than the volatility shown in the last year's figures, so that it showed greater variations than the general trend in value.

In the annual photo, the US dollar has even changed by a high of 39.53 Nicaraguan córdobas, while its lowest level has been 34.75 Nicaraguan cordobas. The US dollar is positioned closer to its minimum value than to the maximum.

Córdoba is the currency unit of legal use in Nicaragua and is abbreviated NIO; it is divided into 100 cents and its circulation is controlled by the Central Bank of that country.

The coin takes its name in honor of the second surname of the Spanish conquistador, Captain Francisco Hernández de Córdoba, who also founded the cities of Granada and León.

Cordoba was officially constituted on August 25, 1908, under the mandate of then-President Adolfo Díaz, who issued a coin of 10 córdobas and replaced the peso. The new currency had at the time a value of 5 córdobas per pound sterling.

On November 13, 1931, córdoba began trading at a parity rate of 1.10 córdobas per US dollar, but after several devaluations it rose to 7 córdobas per US dollar between 1946 and April 1979.

It was until 1991 that the government in turn launched a successful monetary stabilization plan that succeeded in curbing hyper-devaluation and obtained price, exchange rate and monetary stability. As of January 1993, the country switched to the mini-evaluation system, which since 2019 has been 3% per annum.

In economic terms, Nicaragua has recorded significant falls. In 2018 and 2019 the Gross Domestic Product decreased by -3% and in 2020 by -2%, although it increased slightly in 2021, the Nicaraguan economy is only above Venezuela.

In addition, under the current government of Daniel Ortega, the World Bank has estimated that poverty increased from 13.5% in 2019 to 14.6% in 2021. In addition to SARS-CoV-2, this country also fell prey to hurricanes Eta and Lota, which left great havoc.

In addition to this scenario, United States and European Union sanctions on the nation have led the country to ally with Venezuela, Cuba and China, which was reinforced after the last elections in which Ortega won his re-election were branded as fraud.

According to a projection by the Economic Commission for Latin America and the Caribbean (ECLAC), Nicaragua, as well as Guatemala or the Dominican Republic, will not replenish its economic level in 2022 as before the SARS-CoV-2 pandemic.

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