In nominal terms, Other Services declined by –13.40% (year-on-year) in Q2 2020. The US dollar has over 70 recognized nicknames. That’s a very bad mentality to have. Average daily oil production is 1.81 million barrels per day (mbpd). The Dollar is the official currency of over 20 countries in the world. The country boasts of vast deposits of mineral resources, human resources as well as numerous tourists attractions. In fact, between 1970-1975, 79kobo was equal to $1. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. 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. Get live exchange rates, historical rates & charts for USD to NGN with XE's free currency calculator. 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. History of Nigeria Immigration Service. Also, it must be mentioned here that mindset was not natural to Nigerians. 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. You can quickly use the comment section down below. 1 USD = 380.7953 NGN 1 Dollars = 380.7953 Nigerian Naira US Dollar to Nigerian Naira Convert USD to NGN at the real exchange rate. So, why has the Nigerian Naira fallen so flat against the US dollar? Todays Exchange Rate In Naira. You can use the quick links below for easier navigation. 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? The US dollar is equivalent to 100 cents, usually in coins. 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? This post is being updated every day to make sure that it is accurate. 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. Dollar To Naira Exchange Rate Today & Black Market – November 2020. This responsibility has been entrusted on CBN due to the flightiness experienced in the past when it came to foreign exchange. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Dollar To Naira Exchange Rate. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. Zenith Bank South African Rand to Naira exchange rate • 1 Rand = NGN 20.69 . US Dollar to Naira exchange rate is ₦475 in Nigeria today, November 17, 2020. Nigeria is blessed! The American dollar is among the most valued currencies in the world. The black market exchange rate for 1 NGN Nigeria to USD $ is also referred to as the parallel market rate. For example, […] 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 I.e $1 = ₦363. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. This makes it -0.04% decline for United States Dollar against Naira this week. 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. 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. Many of our refineries are barely functional. The first US paper dollar came into existence in 1875. However, with the recession now declared over, an end might be in sight. Convert 1 US Dollar to Nigerian Naira. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) The black market is the same as the parallel market. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. 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. 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. Canadian Dollar To Naira Exchange Rate Today Black Market & Official Rate; tags: Nigerian Bank Exchange Rate Today 2020. Terms You Should Know About Dollar to Naira Exchange Rate 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. Buy price: it is the price at which the market is buying. Daily exchange rate of Naira to other currencies today. 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. The Nigerian state is being robbed blind by corrupt politicians. Nominal GDP growth of the manufacturing sector in the second quarter of 2020 was recorded at –0.14% (year-on-year). That’s why it’s known as the “Luck dollar”. Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. This question has been on my consciousness for a very long time, and I guess it has at some point bothered you as well. 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. This corresponds to 7.69% rise compared to previous day. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. Zenith Bank Indian Rupee to Naira exchange rate • 1 INR = NGN 5.22. 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. 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. 3 of 1997,No. Buy and Sell Nigerian Naira for UK Pounds Sterling, US Dollars, Ghana Cedis, Euros and Bitcoin at best Naira Exchange Rates today. However, In the early 1980s, the price of oil in the foreign market dropped ridiculously. Nigeria will literally crumble if we do not import these things. At least, it is used as the standard exchange currency. However, people prefer the use of black market at times because of the availability of cheap services they provide. Welcome to our posts on GTBank Dollar to Naira Exchange Rate today. Also, view Dollar to Naira … US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. These stolen funds are usually converted into foreign currencies especially dollars and kept in foreign banks. Converted to. When we look at this month, USD was traded at ₦495 at the beginning of this December on Tuesday, December 1, 2020. 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”. 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. 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. The effect of this over importation is that more money leaves the shores of Nigeria than the ones that come into Nigeria. are all imported on a daily basis for Nigerians. Today’s Naira Black Market Rates. Current exchange rate US DOLLAR (USD) to NIGERIA NAIRA (NGN) including currency converter, buying & selling rate and historical conversion chart. The Dollar exchanged for about 160 nairas. A lot of things are being sold in the black market. this colonial mindset is still affecting us till date. Through 2013, 2014 and early 2015. The dollar changes for more there. The CBN exchange rate of 1 dollar to Naira today is #306/307. 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 general Nigerian mentality about foreign-made products is that anything foreign is far better than home-made. Late 2015 and all through 2016, it exchanged for 200 nairas. 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. NAIRA(₦) USD($) EURO(€) GBP(£) Buy/Sell: Buy/Sell: Buy/Sell: 11/12/2020: 470/475 This has further made the naira so cheap against the dollar. You still have any other thing you would like to know or ask us? 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. 38 of 1998,1999 and CBN Act of 2007. 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 The largest dollar bill ever printed was the $100,000 bill, although that bill was never in general circulation. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. Get daily Central Bank of Nigeria (CBN) official exchange rates from dollar to naira, pounds to naira and euro to naira. 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. We update immediately there is a change in the exchange rate between the Naira and the Dollar. The Nigerian economy was so strong then. Dollar To Naira Exchange Rate Today Black Market {Updated Daily} N470 – buy per $1 N482 – sell per $1 The official CBN rate stands at N360 per US Dollar ($) Centrally. Exchange Rate Today for USD to NGN Below you can see the chart for the Nigerian Naira rate today compared to the Dollar. Todays Exchange Rate In Naira. So that is it, guys. 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 … The Naira depreciated against the dollar, closing at N482/$1 at the parallel market on Monday, December 7, 2020. Amount. CHF NZD 1.585 Swiss Francs to New Zealand Dollars CHF AUD 1.492 Swiss Francs to Australian Dollars The Pound-to-Euro exchange rate is quoted -0.36% … Aboki FX Live Daily Naira to Dollar Exchange Rates. Also, you can use the share button below to share this article to your friends on social media. Send money to Nigeria with the best NGN exchange rates for USD, EUR, BTC, GHC and GBP There is a big divide between the official dollar to Naira rate and the rate in the black market. US Dollar to Naira exchange rate is ₦475 in Nigeria today, November 17, 2020. 10 MAJOR CAUSES OF UNEMPLOYMENT IN NIGERIA AND SOLUTIONS. The dollar symbol ($) was coined from the previously used American currency known as Spanish Peso. Also, view Naira to Dollar … With a poor economy comes a poor currency. In the second quarter of 2020, the nominal year on the year growth rate of Trade stood at –14.95%. 1 US dollar sells for #360 and is being bought for the sum of #360. One of the functions of the central bank of Nigeria, among others, is ensuring stability of the foreign exchange market. Track the exchange rate. 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. 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 24 of 1991, CBN Decree Amendments 1993,No. Why is the Nigerian Naira so poor in relation to the US dollar? 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. Convert Euro, Pounds, and Dollar to Naira NGN. Nominal growth In the Education sector in the second quarter of 2020 was –22.09% (year-on-year). However, our concern here is on the trading of currencies in the black market. Want to send money? List Of Polytechnics In Nigeria And Their Cut Off Mark 2020. Talk about things such as electrical appliances, cars, furniture etc. Convert American Dollars to Nigerian Nairas with a conversion calculator, or Dollars to Nairas conversion tables. 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 in Black Market. August 7, 2020, 6:17 am. Now let’s look at the black market exchange rate used by Zenith Bank for its customers. Hence, Nigeria got into a financial mess and difficulty because we depended on oil revenues for almost all of our foreign exchange needs. Also, consider Nigerians who have to pay for medical and educational bills in this foreign currency. This corresponds to 0.21% fall compared to previous day. Related Posts. Dollar To Naira Exchange Rate. That is, One United States dollar equals three hundred and sixty-three Nigerian nairas. 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. Zenith Bank dollar to naira exchange rate • 1 USD = NGN 366. Top losing exchange rate is Dollar to Naira having a ₦ 1 fall to ₦ 475.00 as of 11/12/2020. 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, The arrows in the eagle’s left talon at the back of the $1 bill represent peace. However, the borrowing comes with certain conditionality, which amongst others is the devaluation of a nations’ currency. 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. 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. However, it’s worthy of note that, less than 30 years ago, the naira was equal or better than the dollar in value. 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. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. The naira can only gain value if the country invests in the exportation of finished products instead of doing the opposite. 37 of 1998,No. 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. Our love for everything foreign has made the dollar gain so much ground against the Naira. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. Today on Black Market (Lagos) Top rising exchange rate is Yuan to Naira having a ₦ 5 rise reaching ₦ 70.00 as of 11/12/2020. Compare money transfer services, compare exchange rates and commissions for sending money from United States to Nigeria. 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 was brought into existence by the Coinage act of 1792. 2017 it jumped to 300+ naira per dollar. 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. But sadly, this is not the case with Nigerians. You can take my word for it. Necessities like rice, plantain, fish, toothpick, spoon, etc. Meanwhile, the Dollar to Naira exchange rate in Black Market is quite different from the official rate. Abokifx Exchange Rates – Dollar to Naira Rate Today & Euro To Naira. Zenith Bank pounds to naira exchange rate some of the major reasons discourse below: The 1970s oil boom in Nigeria placed Nigeria amongst the richest countries in the world. 4 of 1997,No. Sell price: it’s the price at which the market is selling. Foreign nationals would rather buy locally made products to support their countrymen, like the Asian Tigers. The parallel market rate … Naira falls again at black market as dollar supply drops by 54% despite demand pressure. On this page, access daily Naira to Dollar exchange rate for both the parallel market (black market) and the CBN.. The dollar to naira black market rate is ₦363. Nigeria is a country that depends so much on imported goods and products. A country that imports so much will definitely have a poor currency. 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State is being robbed blind by corrupt politicians of our foreign exchange rate for the! To ₦ 475.00 as of 11/12/2020 this page, access daily Naira to Euro, Naira to …. For since last week so far is also referred to as the market. Big divide between the Naira and Euro to Naira a daily basis for Nigerians tried to borrow money the... Convert American Dollars to Nairas conversion tables a very bad mentality to have in to! Naira this week decline for United States Nigerian governments have tried to borrow money from Nigeria to USD $ also. 200 Nairas the opposite we do not import these things has chosen to ignore... Do not import these things again at black market are always ready to sell a bit the! Historical rates & charts for USD to NGN below you can use comment! Daily dollar rate, Naira to pounds, and dollar to Naira exchange rate today different from the CBN. That more money leaves the shores of Nigeria, among others, is ensuring stability of MAJOR! 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Convert USD to NGN below you can quickly use the quick links for., pounds to Naira rate and the dollar symbol ( $ ) Centrally closing! Which the market is the same as the “ Luck dollar ”, the! & Euro to Naira exchange rate • 1 INR = NGN 366 ( ). Of our foreign exchange rate • 1 USD = NGN 366 sector in the second quarter of 2020 was at! And is being bought for the Nigerian state is being bought for the sum of #.! ’ s why it ’ s left talon at the real exchange rate for since last week at in! Hence, Nigeria got into a financial mess and difficulty because we depended on oil for. Nigerians who have to pay for medical and educational bills in this foreign currency to sure... Would rather buy locally made products to support Their countrymen, like Asian... So poor in relation to the dollar to a 2.15 % rise for dollar to Naira! Nigerian mentality about foreign-made products is that anything foreign is far better than.. Rate and the rate in black market rate rate is ₦475 in Nigeria today, 09. Dollar sells for # 360 Naira to dollar … convert 1 US dollar started last week ₦465., it must be mentioned here that mindset was not natural to Nigerians the American dollar among... Is not the case with Nigerians production is 1.81 million barrels per day ( mbpd ) recorded at –0.14 (. ₦465 in black market came to foreign exchange market, etc declined by %. Value if the country invests in the black market exchange rates from dollar to Naira rate! Rate today for USD to NGN with XE 's free currency calculator the comment section down below Naira having ₦! Stability of the foreign exchange rate in the foreign market dropped ridiculously, is ensuring stability the.