Nominal GDP growth of the manufacturing sector in the second quarter of 2020 was recorded at –0.14% (year-on-year). 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 Nigeria is a country that depends so much on imported goods and products. At least, it is used as the standard exchange currency. 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 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. So, why has the Nigerian Naira fallen so flat against the US dollar? Meanwhile, the Dollar to Naira exchange rate in Black Market is quite different from the official rate. 38 of 1998,1999 and CBN Act of 2007. When we look at this month, USD was traded at ₦495 at the beginning of this December on Tuesday, December 1, 2020. 3 of 1997,No. Todays Exchange Rate In Naira. Zenith Bank pounds to naira exchange rate The largest dollar bill ever printed was the $100,000 bill, although that bill was never in general circulation. 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. The US dollar was brought into existence by the Coinage act of 1792. The US dollar has over 70 recognized nicknames. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. The general Nigerian mentality about foreign-made products is that anything foreign is far better than home-made. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. Exchange Rate Today for USD to NGN Below you can see the chart for the Nigerian Naira rate today compared to the Dollar. Dollar to Naira Exchange Rate Today in Black Market. However, our concern here is on the trading of currencies in the black market. Zenith Bank dollar to naira exchange rate • 1 USD = NGN 366. August 7, 2020, 6:17 am. Convert Euro, Pounds, and Dollar to Naira NGN. Also, you can use the share button below to share this article to your friends on social media. On this page, access daily Naira to Dollar exchange rate for both the parallel market (black market) and the CBN.. Buy and Sell Nigerian Naira for UK Pounds Sterling, US Dollars, Ghana Cedis, Euros and Bitcoin at best Naira Exchange Rates today. That’s a very bad mentality to have. The black market is the same as the parallel market. We update immediately there is a change in the exchange rate between the Naira and the Dollar. some of the major reasons discourse below: The 1970s oil boom in Nigeria placed Nigeria amongst the richest countries in the world. Send money to Nigeria with the best NGN exchange rates for USD, EUR, BTC, GHC and GBP Top losing exchange rate is Dollar to Naira having a ₦ 1 fall to ₦ 475.00 as of 11/12/2020. Also, view Naira to Dollar … Convert 1 US Dollar to Nigerian Naira. Our love for everything foreign has made the dollar gain so much ground against the 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. I.e $1 = ₦363. Also, view Dollar to Naira … A lot of things are being sold in the black market. As at today with USD being traded at ₦476 we see a -0.19% decline for United States Dollar to Naira exchange rate for this month. The parallel market rate … 1 US dollar sells for #360 and is being bought for the sum of #360. Nigeria’s GDP still puts the country as one of the top economies in Africa, but our poor performance abroad, coupled with the collapse of oil prices has left the Nigerian economy dwindling into a full-blown recession. This corresponds to 7.69% rise compared to previous day. The current CBN exchange rate of the Dollar to Naira today is: 1 USD = NGN 380 To get the Official Central Bank of Nigeria (CBN) daily exchange rate of the Dollar to Naira, always check on this spot for future updates as the figures are been updated in realtime. Dollar To Naira Exchange Rate. Hence, while the currencies of the countries that import all these things into the shores of Nigeria gets stronger, that of Nigeria gets weaker comparatively. Nigeria is blessed! Converted to. That is, One United States dollar equals three hundred and sixty-three Nigerian nairas. This was the period that the then Nigerian military head of state, General Murtala Mohamed said that “the problem of Nigeria is not money but what to do with money”. Zenith Bank Indian Rupee to Naira exchange rate • 1 INR = NGN 5.22. 4 of 1997,No. The dollar symbol ($) was coined from the previously used American currency known as Spanish Peso. You still have any other thing you would like to know or ask us? Foreign nationals would rather buy locally made products to support their countrymen, like the Asian Tigers. Late 2015 and all through 2016, it exchanged for 200 nairas. Also, it must be mentioned here that mindset was not natural to Nigerians. Terms You Should Know About Dollar to Naira Exchange Rate The Dollar is the official currency of over 20 countries in the world. US Dollar to Nigerian Naira Convert USD to NGN at the real exchange rate. However, In the early 1980s, the price of oil in the foreign market dropped ridiculously. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. However, it’s worthy of note that, less than 30 years ago, the naira was equal or better than the dollar in value. 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 … NAIRA(₦) USD($) EURO(€) GBP(£) Buy/Sell: Buy/Sell: Buy/Sell: 11/12/2020: 470/475 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. 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% … Average daily oil production is 1.81 million barrels per day (mbpd). The Nigerian state is being robbed blind by corrupt politicians. Buy price: it is the price at which the market is buying. are all imported on a daily basis for Nigerians. Abokifx Exchange Rates – Dollar to Naira Rate Today & Euro To Naira. The naira can only gain value if the country invests in the exportation of finished products instead of doing the opposite. However, people prefer the use of black market at times because of the availability of cheap services they provide. The US dollar is equivalent to 100 cents, usually in coins. Daily exchange rate of Naira to other currencies today. 37 of 1998,No. 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. You can quickly use the comment section down below. A country that imports so much will definitely have a poor currency. Also, consider Nigerians who have to pay for medical and educational bills in this foreign currency. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. The dollar changes for more there. 1 USD = 388.00000 NGN. Dollar To Naira Exchange Rate Today Black Market {Updated Daily} N470 – buy per $1 N482 – sell per $1 Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. However, the borrowing comes with certain conditionality, which amongst others is the devaluation of a nations’ currency. The dollar to naira black market rate is ₦363. 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. But sadly, this is not the case with Nigerians. 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. In nominal terms, Other Services declined by –13.40% (year-on-year) in Q2 2020. Sell price: it’s the price at which the market is selling. That’s why it’s known as the “Luck dollar”. 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. 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. Get daily Central Bank of Nigeria (CBN) official exchange rates from dollar to naira, pounds to naira and euro to naira. Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. 10 MAJOR CAUSES OF UNEMPLOYMENT IN NIGERIA AND SOLUTIONS. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. 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