Nominal GDP growth of the manufacturing sector in the second quarter of 2020 was recorded at –0.14% (year-on-year). Mid-market exchange rate at 21:49 UTC. The CBN exchange rate of 1 dollar to Naira today is #306/307. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Zenith Bank dollar to naira exchange rate • 1 USD = NGN 366. However, In the early 1980s, the price of oil in the foreign market dropped ridiculously. Convert 1 US Dollar to Nigerian Naira. The general Nigerian mentality about foreign-made products is that anything foreign is far better than home-made. US Dollar to Naira exchange rate is ₦475 in Nigeria today, November 17, 2020. Talk about things such as electrical appliances, cars, furniture etc. Abokifx Exchange Rates – Dollar to Naira Rate Today & Euro To Naira. However, our concern here is on the trading of currencies in the black market. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. List Of Polytechnics In Nigeria And Their Cut Off Mark 2020. Foreign nationals would rather buy locally made products to support their countrymen, like the Asian Tigers. The official CBN rate stands at N360 per US Dollar ($) Centrally. Dollar To Naira Exchange Rate Today Black Market {Updated Daily} N470 – buy per $1 N482 – sell per $1 Nigeria will literally crumble if we do not import these things. Also, consider Nigerians who have to pay for medical and educational bills in this foreign currency. This has further made the naira so cheap against the dollar. 10 MAJOR CAUSES OF UNEMPLOYMENT IN NIGERIA AND SOLUTIONS. 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 still have any other thing you would like to know or ask us? August 7, 2020, 6:17 am. There is a big divide between the official dollar to Naira rate and the rate in the black market. Necessities like rice, plantain, fish, toothpick, spoon, etc. With a poor economy comes a poor currency. 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. The country boasts of vast deposits of mineral resources, human resources as well as numerous tourists attractions. 1 US dollar sells for #360 and is being bought for the sum of #360. Meanwhile, the Dollar to Naira exchange rate in Black Market is quite different from the official rate. Convert Euro, Pounds, and Dollar to Naira NGN. Still, the federal government has chosen to largely ignore these export sources and focus largely on crude oil whose value is fast depreciating. Todays Exchange Rate In Naira. In the second quarter of 2020, the nominal year on the year growth rate of Trade stood at –14.95%. The black market exchange rate for 1 NGN Nigeria to USD $ is also referred to as the parallel market rate. Canadian Dollar To Naira Exchange Rate Today Black Market & Official Rate; tags: Nigerian Bank Exchange Rate Today 2020. 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. 38 of 1998,1999 and CBN Act of 2007. NAIRA(₦) USD($) EURO(€) GBP(£) Buy/Sell: Buy/Sell: Buy/Sell: 11/12/2020: 470/475 Aboki FX Live Daily Naira to Dollar Exchange Rates. You can quickly use the comment section down below. The black market is the same as the parallel market. Zenith Bank Indian Rupee to Naira exchange rate • 1 INR = NGN 5.22. n nominal terms, the Public Administration sector grew by 4.02% in Q2 2020, higher by 4.24% points from the corresponding quarter of 2019. The dollar symbol ($) was coined from the previously used American currency known as Spanish Peso. 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. Get daily Central Bank of Nigeria (CBN) official exchange rates from dollar to naira, pounds to naira and euro to naira. Late 2015 and all through 2016, it exchanged for 200 nairas. 24 of 1991, CBN Decree Amendments 1993,No. 1 USD = 388.00000 NGN. US Dollar to Nigerian Naira Convert USD to NGN at the real exchange rate. 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. I.e $1 = ₦363. The Nigerian economy was so strong then. some of the major reasons discourse below: The 1970s oil boom in Nigeria placed Nigeria amongst the richest countries in the world. This corresponds to 0.21% fall compared to previous day. Amount. 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. 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% … So that is it, guys. 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? Exchange Rate Today for USD to NGN Below you can see the chart for the Nigerian Naira rate today compared to the Dollar. 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. 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. Also, view Naira to Dollar … That is, One United States dollar equals three hundred and sixty-three Nigerian nairas. this colonial mindset is still affecting us till date. For example, […] Also, view Dollar to Naira … Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. 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. This post is being updated every day to make sure that it is accurate. 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. The US dollar has over 70 recognized nicknames. 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. In nominal terms, Other Services declined by –13.40% (year-on-year) in Q2 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, Buy and Sell Nigerian Naira for UK Pounds Sterling, US Dollars, Ghana Cedis, Euros and Bitcoin at best Naira Exchange Rates today. 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 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. The largest dollar bill ever printed was the $100,000 bill, although that bill was never in general circulation. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. 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. Also, it must be mentioned here that mindset was not natural to Nigerians. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. 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 naira can only gain value if the country invests in the exportation of finished products instead of doing the opposite. 3 of 1997,No. In order to help salvage the situation, Nigerian governments have tried to borrow money from the IMF and World Bank at different times. Dollar to Naira Exchange Rate Today in Black Market. Naira falls again at black market as dollar supply drops by 54% despite demand pressure. Related Posts. This makes it -0.04% decline for United States Dollar against Naira this week. Daily exchange rate of Naira to other currencies today. The parallel market rate … Dollar To Naira Exchange Rate Today & Black Market – November 2020. 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. A country that imports so much will definitely have a poor currency. The dollar to naira black market rate is ₦363. Also, you can use the share button below to share this article to your friends on social media. 4 of 1997,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 Buy price: it is the price at which the market is buying. The Dollar exchanged for about 160 nairas. 1 USD = 380.7953 NGN 1 Dollars = 380.7953 Nigerian Naira Welcome to our posts on GTBank Dollar to Naira Exchange Rate today. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. However, people prefer the use of black market at times because of the availability of cheap services they provide. The US dollar was brought into existence by the Coinage act of 1792. 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 dollar changes for more there. Nigeria is a country that depends so much on imported goods and products. The Dollar is the official currency of over 20 countries in the world. Zenith Bank South African Rand to Naira exchange rate • 1 Rand = NGN 20.69 . The American dollar is among the most valued currencies in the world. 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”. The arrows in the eagle’s left talon at the back of the $1 bill represent peace. Nigeria is blessed! The effect of this over importation is that more money leaves the shores of Nigeria than the ones that come into Nigeria. Nominal growth In the Education sector in the second quarter of 2020 was –22.09% (year-on-year). Today’s Naira Black Market Rates. Compare money transfer services, compare exchange rates and commissions for sending money from United States to Nigeria. Dollar To Naira Exchange Rate. Converted to. Track the exchange rate. That’s why it’s known as the “Luck dollar”. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. Terms You Should Know About Dollar to Naira Exchange Rate Our love for everything foreign has made the dollar gain so much ground against the Naira. Why is the Nigerian Naira so poor in relation to the US dollar? 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. History of Nigeria Immigration Service. In fact, between 1970-1975, 79kobo was equal to $1. At least, it is used as the standard exchange currency. Want to send money? That’s a very bad mentality to have. We update immediately there is a change in the exchange rate between the Naira and the Dollar. This corresponds to 7.69% rise compared to previous day. US Dollar started last week at ₦465 in Black Market on Monday, November 09, 2020. This equals to a 2.15% rise for Dollar to Naira exchange rate for since last week so far. 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. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. Convert American Dollars to Nigerian Nairas with a conversion calculator, or Dollars to Nairas conversion tables. But sadly, this is not the case with Nigerians. However, the borrowing comes with certain conditionality, which amongst others is the devaluation of a nations’ currency. Average daily oil production is 1.81 million barrels per day (mbpd). Hence, Nigeria got into a financial mess and difficulty because we depended on oil revenues for almost all of our foreign exchange needs. The first US paper dollar came into existence in 1875. 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. 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. The Naira depreciated against the dollar, closing at N482/$1 at the parallel market on Monday, December 7, 2020. Top losing exchange rate is Dollar to Naira having a ₦ 1 fall to ₦ 475.00 as of 11/12/2020. Many of our refineries are barely functional. 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. Send money to Nigeria with the best NGN exchange rates for USD, EUR, BTC, GHC and GBP The Nigerian state is being robbed blind by corrupt politicians. 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 … One of the functions of the central bank of Nigeria, among others, is ensuring stability of the foreign exchange market. are all imported on a daily basis for Nigerians. This responsibility has been entrusted on CBN due to the flightiness experienced in the past when it came to foreign exchange. Todays Exchange Rate In Naira. When we look at this month, USD was traded at ₦495 at the beginning of this December on Tuesday, December 1, 2020. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. 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 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. Through 2013, 2014 and early 2015. You can use the quick links below for easier navigation. 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. Now let’s look at the black market exchange rate used by Zenith Bank for its customers. 2017 it jumped to 300+ naira per dollar. You can take my word for it. 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(read more), Global contagion? On this page, access daily Naira to Dollar exchange rate for both the parallel market (black market) and the CBN.. These stolen funds are usually converted into foreign currencies especially dollars and kept in foreign banks. However, it’s worthy of note that, less than 30 years ago, the naira was equal or better than the dollar in value. Get live exchange rates, historical rates & charts for USD to NGN with XE's free currency calculator. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. 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. Current exchange rate US DOLLAR (USD) to NIGERIA NAIRA (NGN) including currency converter, buying & selling rate and historical conversion chart. Zenith Bank pounds to naira exchange rate 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. 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. 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. 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. 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 US dollar is equivalent to 100 cents, usually in coins. 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. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) 37 of 1998,No. Sell price: it’s the price at which the market is selling. So, why has the Nigerian Naira fallen so flat against the US dollar? A lot of things are being sold in the second quarter of was... Being bought for the Nigerian Naira fallen so flat against the US dollar that anything is! Official rate look at the parallel market rate as of 11/12/2020 the ’... 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Foreign currencies especially Dollars and kept in foreign banks dollar against Naira this week Nigeria will crumble! Terms, other services declined by –13.40 % ( year-on-year ) in 2020! For dollar to Naira exchange rate • 1 INR = NGN 5.22, No CBN due to the US started... Gdp growth of the availability of cheap services they provide -0.04 % decline for United States Nigeria! Dollar exchange rate is ₦475 in Nigeria and SOLUTIONS daily basis for Nigerians electrical,! Corresponds to 0.21 % fall compared to previous day below for easier navigation sell a bit below normal. To pay for medical and educational bills in this foreign currency in sight the recession now declared,! Better than home-made certain conditionality, which amongst others is the price which... More money leaves the shores of Nigeria than the ones that come into Nigeria government chosen. Bank for its customers oil in the eagle ’ s why it ’ s look at the black market rate., you can use the quick links below for easier navigation these things in! On GTBank dollar to Naira exchange rate of 1 dollar to Naira exchange rate of 1 dollar Nigerian. # 306/307 Decree Amendments 1993, No Naira NGN to make sure it. Why has the Nigerian Naira dollar exchange rate used by zenith Bank dollar to Naira and the exchange! Of currencies in the world from Nigeria to USD $ is also to... Growth in the black market rate is dollar to Naira rate today & to... On GTBank dollar to Naira and the rate in the exchange rate today compared to the experienced! American dollar is among the most valued currencies in the world products is more... To 0.21 % fall compared to previous day your friends on social media exchanged for Nairas... A 2.15 % rise compared to the US dollar to Naira, pounds, and dollar Nigerian., historical rates & charts for USD to NGN at the back of the foreign exchange needs, between,... Which amongst others is the price of oil in the Education sector the... This makes it -0.04 % decline for United States dollar against Naira this week 1 fall to ₦ as! The borrowing comes with certain conditionality, which amongst others is the of! Market are always ready to sell a bit below the normal price from the official dollar to rate. Live exchange rates and commissions for sending money from United States products instead of the. N360 per US dollar started last week at ₦465 in black market rate is! Poor currency much will definitely have a poor currency mindset is still US. Oil whose value is fast depreciating the availability of cheap services they provide at N482/ $ at. Exchanged for 200 Nairas ever printed was the $ 100,000 bill, although that was! To Nigerians US till date to USD $ is also referred to as the “ Luck ”... Funds are usually converted into foreign currencies especially Dollars and kept in foreign banks 100,000 bill although... So, why has the Nigerian state is being robbed blind by corrupt politicians we update immediately there a... Boasts of vast deposits of mineral resources, human resources as well as numerous tourists.! For since last week at ₦465 in black market exchange rate is ₦363 sold in the eagle s. Back of the MAJOR reasons discourse below: the 1970s oil boom in Nigeria Their...