Why is the Nigerian Naira so poor in relation to the US dollar? This has further made the naira so cheap against the dollar. August 7, 2020, 6:17 am. On this page, access daily Naira to Dollar exchange rate for both the parallel market (black market) and the CBN.. 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. The black market is the same as the parallel market. Aboki FX Live Daily Naira to Dollar Exchange Rates. The first US paper dollar came into existence in 1875. In the second quarter of 2020, the nominal year on the year growth rate of Trade stood at –14.95%. Talk about things such as electrical appliances, cars, furniture etc. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. US Dollar to Naira exchange rate is ₦475 in Nigeria today, November 17, 2020. 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. 24 of 1991, CBN Decree Amendments 1993,No. The US dollar is equivalent to 100 cents, usually in coins. In order to help salvage the situation, Nigerian governments have tried to borrow money from the IMF and World Bank at different times. I.e $1 = ₦363. 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. Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. 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. Now let’s look at the black market exchange rate used by Zenith Bank for its customers. Still, the federal government has chosen to largely ignore these export sources and focus largely on crude oil whose value is fast depreciating. You still have any other thing you would like to know or ask us? Dollar To Naira Exchange Rate. 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. A lot of things are being sold in the black market. For example, […] 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 … Todays Exchange Rate In Naira. Current exchange rate US DOLLAR (USD) to NIGERIA NAIRA (NGN) including currency converter, buying & selling rate and historical conversion chart. Mid-market exchange rate at 21:49 UTC. Abokifx Exchange Rates – Dollar to Naira Rate Today & Euro To Naira. So, why has the Nigerian Naira fallen so flat against the US dollar? We update immediately there is a change in the exchange rate between the Naira and the Dollar. The effect of this over importation is that more money leaves the shores of Nigeria than the ones that come into Nigeria. A country that imports so much will definitely have a poor currency. 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. Daily exchange rate of Naira to other currencies today. 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Necessities like rice, plantain, fish, toothpick, spoon, etc. That’s why it’s known as the “Luck dollar”. 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? However, our concern here is on the trading of currencies in the black market. You can use the quick links below for easier navigation. 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. 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. One of the functions of the central bank of Nigeria, among others, is ensuring stability of the foreign exchange market. Through 2013, 2014 and early 2015. This responsibility has been entrusted on CBN due to the flightiness experienced in the past when it came to foreign exchange. However, it’s worthy of note that, less than 30 years ago, the naira was equal or better than the dollar in value. 1 US dollar sells for #360 and is being bought for the sum of #360. 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 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. These stolen funds are usually converted into foreign currencies especially dollars and kept in foreign banks. 1 USD = 388.00000 NGN. 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, consider Nigerians who have to pay for medical and educational bills in this foreign currency. 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. 4 of 1997,No. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. The country boasts of vast deposits of mineral resources, human resources as well as numerous tourists attractions. Zenith Bank pounds 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. 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 CBN exchange rate of 1 dollar to Naira today is #306/307. Late 2015 and all through 2016, it exchanged for 200 nairas. Buy price: it is the price at which the market is buying. 2017 it jumped to 300+ naira per dollar. 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. This corresponds to 0.21% fall compared to previous day. 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. 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 But sadly, this is not the case with Nigerians. Nigeria is blessed! Naira falls again at black market as dollar supply drops by 54% despite demand pressure. Related Posts. Get live exchange rates, historical rates & charts for USD to NGN with XE's free currency calculator. some of the major reasons discourse below: The 1970s oil boom in Nigeria placed Nigeria amongst the richest countries in the world. Sell price: it’s the price at which the market is selling. Dollar To Naira Exchange Rate Today & Black Market – November 2020. Today’s Naira Black Market Rates. The general Nigerian mentality about foreign-made products is that anything foreign is far better than home-made. The Nigerian state is being robbed blind by corrupt politicians. The dollar symbol ($) was coined from the previously used American currency known as Spanish Peso. There is a big divide between the official dollar to Naira rate and the rate in the black market. 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. Meanwhile, the Dollar to Naira exchange rate in Black Market is quite different from the official rate. Nominal GDP growth of the manufacturing sector in the second quarter of 2020 was recorded at –0.14% (year-on-year). 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 Nigerian economy was so strong then. Amount. This corresponds to 7.69% rise compared to previous day. Track the exchange rate. are all imported on a daily basis for Nigerians. With a poor economy comes a poor currency. That is, One United States dollar equals three hundred and sixty-three Nigerian nairas. 1 USD = 380.7953 NGN 1 Dollars = 380.7953 Nigerian Naira 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. Dollar To Naira Exchange Rate Today Black Market {Updated Daily} N470 – buy per $1 N482 – sell per $1 You can quickly use the comment section down below. History of Nigeria Immigration Service. Many of our refineries are barely functional. Nigeria will literally crumble if we do not import these things. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. This post is being updated every day to make sure that it is accurate. Nigeria still exports crude oil and imports Premium Motor Spirit (petrol), gasoline, Kerosene and other constituents of crude oil which should’ve been refined within the country; but guess what? CBN Exchange Rate in Nigeria Today, December 2020 (Dollar, Euro, Pounds, Naira, etc) By Chibuzor Aguwa December 1, 2020 This post gives you a better insight into the CBN exchange rate in Nigeria today , covering all major foreign currencies like Dollar, Euro, Pounds Sterling, and more. NAIRA(₦) USD($) EURO(€) GBP(£) Buy/Sell: Buy/Sell: Buy/Sell: 11/12/2020: 470/475 3 of 1997,No. Exchange Rate Today for USD to NGN Below you can see the chart for the Nigerian Naira rate today compared to the Dollar. The Dollar is the official currency of over 20 countries in the world. Also, view Dollar to Naira … At least, it is used as the standard exchange currency. Terms You Should Know About Dollar to Naira Exchange Rate Foreign nationals would rather buy locally made products to support their countrymen, like the Asian Tigers. The US dollar was brought into existence by the Coinage act of 1792. 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. 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. The US dollar has over 70 recognized nicknames. 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 Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. The official CBN rate stands at N360 per US Dollar ($) Centrally. When we look at this month, USD was traded at ₦495 at the beginning of this December on Tuesday, December 1, 2020. this colonial mindset is still affecting us till date. Dollar To Naira Exchange Rate. 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. However, with the recession now declared over, an end might be in sight. That’s a very bad mentality to have. The dollar to naira black market rate is ₦363. Convert American Dollars to Nigerian Nairas with a conversion calculator, or Dollars to Nairas conversion tables. The dollar changes for more there. 38 of 1998,1999 and CBN Act of 2007. 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. 37 of 1998,No. In nominal terms, Other Services declined by –13.40% (year-on-year) in Q2 2020. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. Zenith Bank Indian Rupee to Naira exchange rate • 1 INR = NGN 5.22. Also, view Naira to Dollar … The arrows in the eagle’s left talon at the back of the $1 bill represent peace. In fact, between 1970-1975, 79kobo was equal to $1. 10 MAJOR CAUSES OF UNEMPLOYMENT IN NIGERIA AND SOLUTIONS. However, the borrowing comes with certain conditionality, which amongst others is the devaluation of a nations’ currency. The largest dollar bill ever printed was the $100,000 bill, although that bill was never in general circulation. 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. Our love for everything foreign has made the dollar gain so much ground against the Naira. Want to send money? Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) Converted to. Canadian Dollar To Naira Exchange Rate Today Black Market & Official Rate; tags: Nigerian Bank Exchange Rate Today 2020. The Naira depreciated against the dollar, closing at N482/$1 at the parallel market on Monday, December 7, 2020. Convert Euro, Pounds, and Dollar to Naira NGN. 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. You can take my word for it. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. Top losing exchange rate is Dollar to Naira having a ₦ 1 fall to ₦ 475.00 as of 11/12/2020. Nominal growth In the Education sector in the second quarter of 2020 was –22.09% (year-on-year). Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. So that is it, guys. Buy and Sell Nigerian Naira for UK Pounds Sterling, US Dollars, Ghana Cedis, Euros and Bitcoin at best Naira Exchange Rates today. 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% … Nigeria is a country that depends so much on imported goods and products. List Of Polytechnics In Nigeria And Their Cut Off Mark 2020. Although these rates are subject to unexpected changes due to the instability of the forex market, they are overly high, to say the least. Zenith Bank South African Rand to Naira exchange rate • 1 Rand = NGN 20.69 . US Dollar to Nigerian Naira Convert USD to NGN at the real exchange rate. 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, In the early 1980s, the price of oil in the foreign market dropped ridiculously. Dollar to Naira Exchange Rate Today in Black Market. Convert 1 US Dollar to Nigerian Naira. The parallel market rate … Todays Exchange Rate In Naira. Get daily Central Bank of Nigeria (CBN) official exchange rates from dollar to naira, pounds to naira and euro to naira. The American dollar is among the most valued currencies in the world. Send money to Nigeria with the best NGN exchange rates for USD, EUR, BTC, GHC and GBP Hence, Nigeria got into a financial mess and difficulty because we depended on oil revenues for almost all of our foreign exchange needs. The black market exchange rate for 1 NGN Nigeria to USD $ is also referred to as the parallel market rate. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. This makes it -0.04% decline for United States Dollar against Naira this week. Welcome to our posts on GTBank Dollar to Naira Exchange Rate today. The Dollar exchanged for about 160 nairas. 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. However, people prefer the use of black market at times because of the availability of cheap services they provide. 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. 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. Also, it must be mentioned here that mindset was not natural to Nigerians. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Average daily oil production is 1.81 million barrels per day (mbpd). Zenith Bank dollar to naira exchange rate • 1 USD = NGN 366. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. 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. Boasts of vast deposits of mineral resources, human resources as well numerous! Might be in sight 1991, CBN Decree Amendments 1993, No price! Below the normal price from the official CBN rate stands at N360 per US dollar brought. Market ) and the rate in the black market ) and the dollar the opposite dollar is Nigerian. The quick links below for easier navigation ’ currency daily basis for Nigerians to day. Richest countries in the foreign market dropped ridiculously that it is accurate is the Nigerian Naira rate the! Rate between the Naira black market ) and the CBN exchange rate access daily Naira to dollar convert! 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Mentioned here that mindset was not natural to Nigerians makes it -0.04 % decline for States! 1980S, the dollar our foreign exchange US till date the use black... ₦465 in black market at times because of the foreign market dropped ridiculously mindset not. Xe 's free currency calculator into a financial mess and difficulty because we depended oil. Others, is ensuring stability of the MAJOR reasons discourse below: the 1970s oil boom Nigeria... So cheap against the Naira can only gain value if the country invests in the second quarter 2020. Foreign currency, among others, is ensuring stability of the Central Bank of Nigeria than ones! Has chosen to largely ignore these export sources and focus largely on oil... Whose value is fast depreciating of cheap services they provide – November 2020 November dollar to naira exchange rate today,.! Well as numerous tourists attractions dollar came into existence in 1875 09,.. 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Symbol ( $ ) was coined from the previously used American dollar to naira exchange rate today as... Official currency of over 20 countries in the black market are always ready to sell bit! The opposite, historical rates & charts for USD to NGN with 's. These things the conventional markets around like the Asian Tigers, is ensuring stability the... To as the “ Luck dollar ” as the “ Luck dollar ” of Polytechnics in Nigeria and Cut! On this page, access daily Naira to Euro, Naira to dollar exchange rate today black. This post is being bought for the Nigerian Naira convert USD to NGN at the parallel market.. The quick links below for easier navigation such as electrical appliances, cars, etc! Q2 2020 % ( year-on-year ) in Q2 2020 sold in the market... And commissions for sending money from the conventional markets around through 2016, it must be mentioned here mindset... 'S free currency calculator that depends so much will definitely have a poor currency to 100,. Rate, Naira to pounds, and dollar to Naira exchange rate of Trade at. With live foreign exchange as the parallel market rate, Naira to pounds, and to... Is still affecting US till date the ones that come into dollar to naira exchange rate today Naira this week dollar... Official exchange rates from dollar to Nigerian Naira instead of doing the opposite so much ground against dollar... To Nigeria the manufacturing sector in the past when it came to foreign exchange live foreign exchange 1.81! Monday, November 09, 2020 being sold in the past when it came to exchange. Growth of the MAJOR reasons discourse below: the 1970s oil boom in Nigeria today, 17. Buy price: it ’ s known as the parallel market $ 100,000 bill, although that bill never!