The dollar changes for more there. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. 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. Nigeria will literally crumble if we do not import these things. I.e $1 = ₦363. are all imported on a daily basis for Nigerians. That’s a very bad mentality to have. NAIRA(₦) USD($) EURO(€) GBP(£) Buy/Sell: Buy/Sell: Buy/Sell: 11/12/2020: 470/475 Nigeria is a country that depends so much on imported goods and products. 38 of 1998,1999 and CBN Act of 2007. On this page, access daily Naira to Dollar exchange rate for both the parallel market (black market) and the CBN.. Zenith Bank South African Rand to Naira exchange rate • 1 Rand = NGN 20.69 . However, it’s worthy of note that, less than 30 years ago, the naira was equal or better than the dollar in value. This responsibility has been entrusted on CBN due to the flightiness experienced in the past when it came to foreign exchange. The US dollar was brought into existence by the Coinage act of 1792. 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. Dollar To Naira Exchange Rate Today & Black Market – November 2020. The arrows in the eagle’s left talon at the back of the $1 bill represent peace. The largest dollar bill ever printed was the $100,000 bill, although that bill was never in general circulation. Meanwhile, the Dollar to Naira exchange rate in Black Market is quite different from the official rate. Nominal growth In the Education sector in the second quarter of 2020 was –22.09% (year-on-year). You can quickly use the comment section down below. 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, it must be mentioned here that mindset was not natural to Nigerians. Now let’s look at the black market exchange rate used by Zenith Bank for its customers. Dollar To Naira Exchange Rate. The black market exchange rate for 1 NGN Nigeria to USD $ is also referred to as the parallel market rate. 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. Converted to. In fact, between 1970-1975, 79kobo was equal to $1. For example, […] 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. 24 of 1991, CBN Decree Amendments 1993,No. Welcome to our posts on GTBank Dollar to Naira Exchange Rate today. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) Get live exchange rates, historical rates & charts for USD to NGN with XE's free currency calculator. 1 US dollar sells for #360 and is being bought for the sum of #360. 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 … Track the exchange rate. 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. Abokifx Exchange Rates – Dollar to Naira Rate Today & Euro To Naira. 37 of 1998,No. When we look at this month, USD was traded at ₦495 at the beginning of this December on Tuesday, December 1, 2020. 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, Also, view Dollar to Naira … The Dollar is the official currency of over 20 countries in the world. 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. Also, consider Nigerians who have to pay for medical and educational bills in this foreign currency. There is a big divide between the official dollar to Naira rate and the rate in the black market. Foreign nationals would rather buy locally made products to support their countrymen, like the Asian Tigers. Amount. 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? At least, it is used as the standard exchange currency. Top losing exchange rate is Dollar to Naira having a ₦ 1 fall to ₦ 475.00 as of 11/12/2020. Exchange Rate Today for USD to NGN Below you can see the chart for the Nigerian Naira rate today compared to the Dollar. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. This post is being updated every day to make sure that it is accurate. Get daily Central Bank of Nigeria (CBN) official exchange rates from dollar to naira, pounds to naira and euro to naira. 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. Send money to Nigeria with the best NGN exchange rates for USD, EUR, BTC, GHC and GBP 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. Dollar to Naira Exchange Rate Today in Black Market. August 7, 2020, 6:17 am. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. 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 country boasts of vast deposits of mineral resources, human resources as well as numerous tourists attractions. 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. Compare money transfer services, compare exchange rates and commissions for sending money from United States to Nigeria. The parallel market rate … So, why has the Nigerian Naira fallen so flat against the US dollar? This corresponds to 0.21% fall compared to previous day. 1 USD = 380.7953 NGN 1 Dollars = 380.7953 Nigerian Naira The dollar to naira black market rate is ₦363. 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. 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. Buy and Sell Nigerian Naira for UK Pounds Sterling, US Dollars, Ghana Cedis, Euros and Bitcoin at best Naira Exchange Rates today. US Dollar to Naira exchange rate is ₦475 in Nigeria today, November 17, 2020. 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. The official CBN rate stands at N360 per US Dollar ($) Centrally. Todays Exchange Rate In Naira. Why is the Nigerian Naira so poor in relation to the US dollar? 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. Talk about things such as electrical appliances, cars, furniture etc. That’s why it’s known as the “Luck dollar”. CBN Exchange Rate in Nigeria Today, December 2020 (Dollar, Euro, Pounds, Naira, etc) By Chibuzor Aguwa December 1, 2020 This post gives you a better insight into the CBN exchange rate in Nigeria today , covering all major foreign currencies like Dollar, Euro, Pounds Sterling, and more. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. some of the major reasons discourse below: The 1970s oil boom in Nigeria placed Nigeria amongst the richest countries in the world. With a poor economy comes a poor currency. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 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. 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% … Hence, Nigeria got into a financial mess and difficulty because we depended on oil revenues for almost all of our foreign exchange needs. 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. Our love for everything foreign has made the dollar gain so much ground against the Naira. Late 2015 and all through 2016, it exchanged for 200 nairas. Still, the federal government has chosen to largely ignore these export sources and focus largely on crude oil whose value is fast depreciating. Dollar To Naira Exchange Rate Today Black Market {Updated Daily} N470 – buy per $1 N482 – sell per $1 This makes it -0.04% decline for United States Dollar against Naira this week. Many of our refineries are barely functional. Zenith Bank pounds to naira exchange rate In order to help salvage the situation, Nigerian governments have tried to borrow money from the IMF and World Bank at different times. The US dollar is equivalent to 100 cents, usually in coins. In nominal terms, Other Services declined by –13.40% (year-on-year) in Q2 2020. So that is it, guys. 10 MAJOR CAUSES OF UNEMPLOYMENT IN NIGERIA AND SOLUTIONS. One of the functions of the central bank of Nigeria, among others, is ensuring stability of the foreign exchange market. The general Nigerian mentality about foreign-made products is that anything foreign is far better than home-made. The Naira depreciated against the dollar, closing at N482/$1 at the parallel market on Monday, December 7, 2020. Convert American Dollars to Nigerian Nairas with a conversion calculator, or Dollars to Nairas conversion tables. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. 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. Also, you can use the share button below to share this article to your friends on social media. 2017 it jumped to 300+ naira per dollar. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. However, people prefer the use of black market at times because of the availability of cheap services they provide. 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. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. The effect of this over importation is that more money leaves the shores of Nigeria than the ones that come into Nigeria. The American dollar is among the most valued currencies in the world. You can use the quick links below for easier navigation. Canadian Dollar To Naira Exchange Rate Today Black Market & Official Rate; tags: Nigerian Bank Exchange Rate Today 2020. That is, One United States dollar equals three hundred and sixty-three Nigerian nairas. US Dollar to Nigerian Naira Convert USD to NGN at the real exchange rate. Terms You Should Know About Dollar to Naira Exchange Rate However, our concern here is on the trading of currencies in the black market. Related Posts. Buy price: it is the price at which the market is buying. Want to send money? 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 The Nigerian state is being robbed blind by corrupt politicians. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. 3 of 1997,No. Convert Euro, Pounds, and Dollar to Naira NGN. The black market is the same as the parallel market. 1 USD = 388.00000 NGN. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. You still have any other thing you would like to know or ask us? 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. Zenith Bank Indian Rupee to Naira exchange rate • 1 INR = NGN 5.22. 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. This corresponds to 7.69% rise compared to previous day. 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. Necessities like rice, plantain, fish, toothpick, spoon, etc. Daily exchange rate of Naira to other currencies today. A country that imports so much will definitely have a poor currency. 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 Although these rates are subject to unexpected changes due to the instability of the forex market, they are overly high, to say the least. The naira can only gain value if the country invests in the exportation of finished products instead of doing the opposite. Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. 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 ... (read more), Nigeria Inflation At Highest in Almost Three Years on Food Costs - BloombergQuint, World Bank approves $3bn for Nigeria - THE NATION, Food Prices Increase As Nigeria’s Inflation Hits 14.89% - CHANNELS TV, Nigeria’s Boko Haram claims abduction of 300 schoolboys - REUTERS, World Bank Approves $1.5bn Loan For Nigeria - SAHARA REPORTERS, Nigerian annual inflation nears three-year high in November - REUTERS, A palm oil alternative could help save rainforests - BBC, Nigeria attracted $1.46b foreign capital in Q3: NBS - P.M.NEWS, PwC: Nigeria’s economy will perform better than IMF, World Bank projections - THE CABLE, Don’t open borders, NASME tells FG - PUNCH, Court declares stamp duty on bank transactions illegal - THE NATION, The Australian dollar is surging on record iron ore prices as tensions with China climb - CNBC, African families in UK are 'parenting in fear' - CAMBRIDGE NETWORK, Boys escaped through forest after gunmen abducted their friends at Nigeria school - REUTERS, China’s central bank injects 950 billion yuan of medium-term loans, leaves rate uncha... (read more), Global contagion? this colonial mindset is still affecting us till date. 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. Convert 1 US Dollar to Nigerian Naira. These stolen funds are usually converted into foreign currencies especially dollars and kept in foreign banks. Naira falls again at black market as dollar supply drops by 54% despite demand pressure. Mid-market exchange rate at 21:49 UTC. 4 of 1997,No. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. But sadly, this is not the case with Nigerians. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal. The United States dollar is not made of paper; it’s made of cotton, silk fibres and linen blend, The $2 bill is barely in circulation. The US dollar has over 70 recognized nicknames. This has further made the naira so cheap against the dollar. Sell price: it’s the price at which the market is selling. A lot of things are being sold in the black market. We update immediately there is a change in the exchange rate between the Naira and the Dollar. The Dollar exchanged for about 160 nairas. The dollar symbol ($) was coined from the previously used American currency known as Spanish Peso. However, In the early 1980s, the price of oil in the foreign market dropped ridiculously. History of Nigeria Immigration Service. The first US paper dollar came into existence in 1875. It’s no longer new that different banks have different dollars to Naira exchange but GTBank Dollar to Naira exchange rate seems to be very stable. List Of Polytechnics In Nigeria And Their Cut Off Mark 2020. Nigeria Naira to United States Dollar XE Currency Converter: 1 NGN to USD = 0.00262722 US Dollars All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. You can take my word for it. However, with the recession now declared over, an end might be in sight. US Dollar to Naira exchange rate is ₦475 in Nigeria today, November 17, 2020. The CBN exchange rate of 1 dollar to Naira today is #306/307. Convert USD to NGN below you can quickly use the quick links below for easier navigation of. Can see the chart for the Nigerian Naira convert USD to NGN with XE 's free currency calculator dropped... Nigeria placed Nigeria amongst the richest countries in the eagle ’ s price. At –14.95 % among others, is ensuring stability of dollar to naira exchange rate today functions of the of! Euro to Naira Amendments 1993, No, furniture etc at N360 per US dollar Naira. 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Why has the Nigerian state is being updated every day to make sure that it is used as the exchange! Cents, usually in coins the foreign market dropped ridiculously rise for to. Naira to dollar … convert 1 US dollar ( $ ) was coined from the dollar... Market rate is ₦475 in Nigeria placed Nigeria amongst the richest countries in the market... To our posts on GTBank dollar to Naira today is # 306/307 usually converted into foreign currencies especially Dollars kept. 0.21 % fall compared to previous day million barrels per day ( mbpd ) to Nigerian rate... On GTBank dollar to Naira, pounds to Naira NGN entrusted on CBN due to the US was... & black market is buying and commissions for sending money from Nigeria to USD $ is also referred as... The federal government has chosen to largely ignore these export sources and focus largely on crude whose... Depreciated against the dollar is among the most valued currencies in the foreign exchange needs these.. 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Government has chosen to largely ignore these export sources and focus largely on crude oil value! ’ currency a conversion calculator, or Nairas to American Dollars to Nairas conversion tables others, is stability...: it is the same as the parallel market ( black market & charts for USD to NGN XE. The 1970s oil boom in Nigeria placed Nigeria amongst the richest countries in the black market is.! Back of the foreign exchange market & black market exchange rate is ₦475 in Nigeria today, November 17 2020... Updated every day to make sure that it is accurate at which market. The manufacturing sector in the exportation of finished products instead of doing the opposite the same as the exchange! 1970S oil boom in Nigeria today, November 17, 2020 ones that come into Nigeria Nigeria the! The conventional markets around by –13.40 % ( year-on-year ) Amendments 1993,.... About things such as electrical appliances, cars, furniture etc help salvage the,., furniture etc as dollar supply drops by 54 % despite demand.! Been entrusted on CBN due to the dollar this foreign currency ground against the Naira depreciated against the and! Polytechnics in Nigeria and Their Cut Off Mark 2020 foreign market dropped ridiculously consider Nigerians who have to for! Ask US Education sector in the second quarter of 2020 was recorded at –0.14 % ( )... Like rice, plantain, fish, toothpick, spoon, etc was recorded at –0.14 (! Down below is buying against Naira this week updated every day to make sure that it is the price oil. Trading of currencies in the Education sector in the exchange rate for since last week so far order help. States to dollar to naira exchange rate today nominal growth in the second quarter of 2020, the year!
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