Dec 08, 2020 Senate considers bill to blacklist loan defaulters - PUNCH Dec 08, 2020 China makes digital yuan transfers as easy as using a phone - NIKKIE ASIA Dec 08, 2020 Trade Deficit Expands to a New 4-Year High in Q3 2020 - PROSHARE Dec 08, 2020 Port Congestion Drops By 20% - Shippers Council - DAILY TRUST Dec 08, 2020 Oil contributes 81% to N2.99tn Q3 exports - THE GUARDIAN … As of today with Dollar being traded at ₦475, we see a 2.59% increase for US Dollar to Naira exchange rates since the begining of last November. The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. Dollar to Naira Exchange Rate Today – It seems as if the amount of selling dollar keeps increasing every day, so Let’s see how much is Dollar to Naira Black Market Exchange Rate Today though the figures won’t be encouraging at all as the Nigeria naira is being placed in low value. Thanks, western union dollar to naira exchange rate, NOUN Student Portal www.nou.edu.ng: How to Access the Web Portal, Prices of Food in Nigeria – December 2020 Latest Update, Euro to Naira Exchange Rate in Black Market (December Update), Nigerian Coat Of Arm: The Untold story and Everything You Must Know, Nigerian Military Ranks – Army, Navy and Airforce. NAIRA(₦) USD($) EURO(€) GBP(£) Buy/Sell: Buy/Sell: Buy/Sell: 11/12/2020: 470/475 This corresponds to 0.21% fall compared to previous day. The Nigerian state is being robbed blind by corrupt politicians. Many of our refineries are barely functional. 3 of 1997,No. The black market is the same as the parallel market. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. The official CBN rate stands at N360 per US Dollar ($) Centrally. Abokifx Exchange Rates – Dollar to Naira Rate Today & Euro To Naira. This post is being updated every day to make sure that it is accurate. CHF NZD 1.585 Swiss Francs to New Zealand Dollars CHF AUD 1.492 Swiss Francs to Australian Dollars The Pound-to-Euro exchange rate is quoted -0.36% … it was introduced to us by our colonial masters, that tried to discourage the consumption of all locally made products, in favour of their imported products. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. Current exchange rate US DOLLAR (USD) to NIGERIA NAIRA (NGN) including currency converter, buying & selling rate and historical conversion chart. This has further made the naira so cheap against the dollar. Hence, while the currencies of the countries that import all these things into the shores of Nigeria gets stronger, that of Nigeria gets weaker comparatively. You can take my word for it. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services, China Offers $145 Billion to Banks as Cash Supply Tightens - BLOOMBERG, AfCFTA: Nigeria to become petroleum products refining hub, says Sylva - NAN, Nigeria's economy likely to contract by over 4% in 2020 -World Bank - REUTERS, Wave of Foreign Money Threatens India’s Tight Grip on Rupee - BLOOMBERG, UK unemployment rises and redundancies hit record high as London Tier 3 set to boost ... 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(read more), Global contagion? Meanwhile, the Dollar to Naira exchange rate in Black Market is quite different from the official rate. Zenith Bank South African Rand to Naira exchange rate • 1 Rand = NGN 20.69 . Zenith Bank pounds to naira exchange rate To have a monthly quick review, US Dollar to Naira exchange rate was noted as ₦463 as the Black Market opened on Monday, November 02, 2020 at the start of last month. As we continue to borrow from the IMF and World bank, that was how we continued to devalue the Nigerian Naira, until it got so worst as we have it today. The CBN exchange rate of 1 dollar to Naira today is #306/307. The United States dollar is not made of paper; it’s made of cotton, silk fibres and linen blend, The $2 bill is barely in circulation. Mid-market exchange rate at 21:49 UTC. The current CBN exchange rate of the Dollar to Naira today is: 1 USD = NGN 380 To get the Official Central Bank of Nigeria (CBN) daily exchange rate of the Dollar to Naira, always check on this spot for future updates as the figures are been updated in realtime. Tell you what; trillions of naira have been looted from public coffers by politicians saddled with the responsibility of using these funds for the betterment of the country. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. The first US paper dollar came into existence in 1875. 2017 it jumped to 300+ naira per dollar. Still, the federal government has chosen to largely ignore these export sources and focus largely on crude oil whose value is fast depreciating. Top losing exchange rate is Dollar to Naira having a ₦ 1 fall to ₦ 475.00 as of 11/12/2020. Nigeria still exports crude oil and imports Premium Motor Spirit (petrol), gasoline, Kerosene and other constituents of crude oil which should’ve been refined within the country; but guess what? This corresponds to 7.69% rise compared to previous day. Dollar to Naira Exchange Rate Today in Black Market. You can quickly use the comment section down below. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. Converted to. Todays Exchange Rate In Naira. In order to help salvage the situation, Nigerian governments have tried to borrow money from the IMF and World Bank at different times. Welcome to our posts on GTBank Dollar to Naira Exchange Rate today. The dollar changes for more there. However, with the recession now declared over, an end might be in sight. How much is Dollar to Naira exchange rate today black market 2020 – The Naira to Dollar exchange rate though pegged at an official rate of N380.5 per $1 had been at what could be described as freefall in the black market. US Dollar to Nigerian Naira Convert USD to NGN at the real exchange rate. These stolen funds are usually converted into foreign currencies especially dollars and kept in foreign banks. In nominal terms, Other Services declined by –13.40% (year-on-year) in Q2 2020. Average daily oil production is 1.81 million barrels per day (mbpd). That’s a very bad mentality to have. Nigeria’s GDP still puts the country as one of the top economies in Africa, but our poor performance abroad, coupled with the collapse of oil prices has left the Nigerian economy dwindling into a full-blown recession. When we look at this month, USD was traded at ₦495 at the beginning of this December on Tuesday, December 1, 2020. With a poor economy comes a poor currency. According to Wikipedia, A black market is a clandestine market or series of transactions that has some aspect of illegality or is characterized by some form of noncompliant behaviour with an institutional set of rules. Track the exchange rate. So that is it, guys. Also, view Naira to Dollar … Hence, Nigeria got into a financial mess and difficulty because we depended on oil revenues for almost all of our foreign exchange needs. Sell price: it’s the price at which the market is selling. This was the period that the then Nigerian military head of state, General Murtala Mohamed said that “the problem of Nigeria is not money but what to do with money”. Also, consider Nigerians who have to pay for medical and educational bills in this foreign currency. List Of Polytechnics In Nigeria And Their Cut Off Mark 2020. Exchange Rate Today for USD to NGN Below you can see the chart for the Nigerian Naira rate today compared to the Dollar. Zenith Bank dollar to naira exchange rate • 1 USD = NGN 366. There is a big divide between the official dollar to Naira rate and the rate in the black market. The largest dollar bill ever printed was the $100,000 bill, although that bill was never in general circulation. It’s likely the most trusted site to find up to date prices of parallel dollar rate in Nigeria and the latest stock trends on the internet. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. So, why has the Nigerian Naira fallen so flat against the US dollar? Now let’s look at the black market exchange rate used by Zenith Bank for its customers. Naija News Today December 15, 2020 Read Latest Naija News 24/7, Breaking news & happy new month messages, newspaper headlines, naija news, naija news of today, today naija news, naija news of the day , naija news for today, naija news today, naija news c, naija news now, naija news latest, latest on naija news, Nigeria news today on NewsOnline Nigeria, Today’s Naira Black Market Rates. n nominal terms, the Public Administration sector grew by 4.02% in Q2 2020, higher by 4.24% points from the corresponding quarter of 2019. this colonial mindset is still affecting us till date. Convert Euro, Pounds, and Dollar to Naira NGN. The country boasts of vast deposits of mineral resources, human resources as well as numerous tourists attractions. Daily exchange rate of Naira to other currencies today. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. Why is the Nigerian Naira so poor in relation to the US dollar? However, In the early 1980s, the price of oil in the foreign market dropped ridiculously. 1 USD = 380.7953 NGN 1 Dollars = 380.7953 Nigerian Naira Amount. Although these rates are subject to unexpected changes due to the instability of the forex market, they are overly high, to say the least. Related Posts. 1 USD = 388.00000 NGN. naira, black market naira rates, naira exchange rates, dollar to naira, euro to naira, pound to naira, australian dollar to naira, riyal to naira,lagos parallel market, Central Bank of Nigeria, CBN, Bureau De Change, BDC, turkish lira to naira, moneygram, western union Also, you can use the share button below to share this article to your friends on social media. However, the borrowing comes with certain conditionality, which amongst others is the devaluation of a nations’ currency. But sadly, this is not the case with Nigerians. Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. What is the gtbank dollar to naira exchange rate today March 2019, the post provides you all the information you need to know about gtbank exchange rate Conversion from United States dollar to Nigerian naira can be done at current rates as well as at historical rates – to do this, select the desired exchange rate date. As at today with USD being traded at ₦476 we see a -0.19% decline for United States Dollar to Naira exchange rate for this month. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. August 7, 2020, 6:17 am. Also, it must be mentioned here that mindset was not natural to Nigerians. Sadly enough, the Nigerian economy that used to be the best in Africa, and among the best in the world has been reduced to nothing as a result of our dependency on only oil. Nigeria is blessed! Convert American Dollars to Nigerian Nairas with a conversion calculator, or Dollars to Nairas conversion tables. Necessities like rice, plantain, fish, toothpick, spoon, etc. Todays Exchange Rate In Naira. However, it’s worthy of note that, less than 30 years ago, the naira was equal or better than the dollar in value. 4 of 1997,No. The US dollar was brought into existence by the Coinage act of 1792. Late 2015 and all through 2016, it exchanged for 200 nairas. The dollar to naira black market rate is ₦363. The black market exchange rate for 1 NGN Nigeria to USD $ is also referred to as the parallel market rate. The naira can only gain value if the country invests in the exportation of finished products instead of doing the opposite. US Dollar to Naira exchange rate is ₦475 in Nigeria today, November 17, 2020. That is, One United States dollar equals three hundred and sixty-three Nigerian nairas. In the second quarter of 2020, the nominal year on the year growth rate of Trade stood at –14.95%. The Nigerian economy was so strong then. Analysts predict what a no-deal Brexit could mean for markets - CNBC, External reserves dip by $269.47m in five weeks - PUNCH, Bandits Have So Far Released 17 Of Kidnapped Students, Says Masari - NIGERIAN TRIBUNE, ‘Receive your Remittances in Dollars’ Access Bank - THISDAY, Lawyer sues CBN over POS charges - THE NATION, Dollar heavy amid stimulus progress, pound buoyed by Brexit hopes - REUTERS, FG Approves $30millon Direct Lending To Nigerian Oil Services Providers - NIGERIAN TRIBUNE, Naira Stable Against Dollar Across FX Segments - BUSINESS POST, Equities Market Opens Week Bullish, Investors Gain N309.8bn - NIGERIAN TRIBUNE, Capital Importation into Nigeria Stood At $1,461.49m in Q3 2020 - NBS - PROSHARE. Please send us your ATM Rates for publishing, Send:Date, Location, Bank, Rate, Currency, **XAF – Central African CFA Franc (Cameroon CFA – Cam), We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 37 of 1998,No. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services OK History of Nigeria Immigration Service. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. Want to send money? Our love for everything foreign has made the dollar gain so much ground against the Naira. The result of such a high exchange rate for the dollar is that Nigerians spend so much to buy so little, especially when it comes to foreign or imported goods. The parallel market rate … That’s why it’s known as the “Luck dollar”. You still have any other thing you would like to know or ask us? Naira falls again at black market as dollar supply drops by 54% despite demand pressure. are all imported on a daily basis for Nigerians. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. Nigeria is a country that depends so much on imported goods and products. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. Dollar To Naira Exchange Rate Today & Black Market – November 2020. I.e $1 = ₦363. The American dollar is among the most valued currencies in the world. Get daily Central Bank of Nigeria (CBN) official exchange rates from dollar to naira, pounds to naira and euro to naira. If you want to keep up with the forever volatile nature of the Naira against the dollar, then Abokifx which means friend in will help you do just that. 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