The official cbn exchange rate dollar to naira remains at N361/$ as at today. The exchange rate is the value of one currency to another currency for the purpose of transaction. ll 【$1 = ₦380.4997】 US dollar to Nigerian naira rate today. 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. In order to help salvage the situation, Nigerian governments have tried to borrow money from the IMF and World Bank at different times. There are so many theories about the origin of the symbol. However, the borrowing comes with certain conditionality, which amongst others is the devaluation of a nations’ currency. The first US paper dollar came into existence in 1875. Through 2013, 2014 and early 2015. Although these rates are subject to unexpected changes due to the instability of the forex market, they are overly high, to say the least. 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. This is the current price as updated today, you can always check this spot for daily updates (or periodic updates) because they are done in realtime. The dollar to naira black market rate is ₦358. Global asset markets have come off the boil, and many market narratives are talking about the good news on Covid vaccines and the clearing political picture in the U.S. having been "priced in." 1 US Dollar is 382.626801 Nigerian Naira. The currency was pegged at 197 to one U.S dollar in 2016. How Much Is 1 Dollar In Nigeria Today Sunday, 13 December 2020. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. Kobo is the Nigerian local pronunciation of copper. You can download the app, by simply visiting Google Playstore. Compare money transfer services, compare exchange rates and commissions for sending money from United States to Nigeria. You also have the option to opt-out of these cookies. Compare the best Dollar Nigerian Naira exchange rate deals & Dollars to Nigerian Naira exchange today! 1 United States dollar = 380.9950 Nigerian naira, 1 Nigerian naira = 0.002625 United States dollar Don't get overcharged when you send money abroad. At first, the dollar currency was made with the silver as coins, and then later the silver was replaced with Gold. The page provides the exchange rate of 1 US Dollar (USD) to Nigerian Naira (NGN), sale and conversion rate. However, our concern here is on the trading of currencies in the black market. Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. Spread the love How Much Is Dollar To Naira Exchange Rate Today Black Market? Black Market Rate(Aboki) => ₦475 = $1 Official Average Bank rate 1 dollar to Naira => ₦388 exchange rate dollar to naira today It is the name for the then coins. Like I said before, the Nigerian currency is Naira. Thanks, Dollar To Naira Exchange Rate In Black Market February 2020, Nigerian Military Ranks – Army, Navy and Airforce. The current western union dollar to naira exchange rate today is #302.5. From the table above, you can see that the dollar to naira black market rate is 360. This category only includes cookies that ensures basic functionalities and security features of the website. Necessities like rice, plantain, fish, toothpick, spoon, etc. 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 currency exchange rate of 1 Canadian dollar to naira is #268.20. Just recently, the Central Bank of Nigeria has injected $195M into the circulation to help cushion the inter-bank forex market. Foreign nationals would rather buy locally made products to support their countrymen, like the Asian Tigers. CBN Exchange Rate of Dollar to Naira Today Nigeria will literally crumble if we do not import these things. Abokifx Exchange Rates – Dollar to Naira Rate Today & Euro To Naira. 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. Tron2Get Review – Tron Smartcontract, Know if it is Legit or Scam / Dollar to naira rate today (Updated Today) Official CBN rate: N388 => $1. Want to send money? We also use third-party cookies that help us analyze and understand how you use this website. Menu. Buy price: it is the Price at which the market is buying. Once you are on the website, search for something like these: Any of the above search term will show you the current dollar to Naira or Naira to Dollar exchange rate. We … Also, you can use the share button below to share this article to your friends on social media. You can take my word for it. Also, view Dollar to Naira currency charts. These cookies do not store any personal information. 1 USD = 388.00000 NGN. So, why has the Nigerian Naira fallen so flat against the US dollar? The Dollar exchanged for about 160 nairas. With Currency Converter apps, all you have to do is to download and install the app. The exchange rate of Dollar to Naira is, therefore, the price of a unit of Dollar to naira. The US dollar was brought into existence by the Coinage act of 1792. The Dollar exchanged for about 160 nairas. It is mandatory to procure user consent prior to running these cookies on your website. United States Dollar to Nigeria Naira XE Currency Converter: 1 USD to NGN = 383.198 Nigerian Nairas All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. US Dollar to Nigerian Naira Convert USD to NGN at the real exchange rate. N362 – buy per $ 1 N364 – sell per $ 1… Late 2015 and all through 2016, it exchanged for 200 nairas. Hence, Nigeria got into a financial mess and difficulty because we depended on oil revenues for almost all of our foreign exchange needs. These stolen funds are usually converted into foreign currencies especially dollars and kept in foreign banks. It is of the United States’ dollar to Naira exchange rate that this article is meant for. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. How Much is Dollar to Naira Exchange Rate? The word dollar was formed from low Saxton cognate of the High German Thaler. You must Register or some of the major reasons discourse below: The 1970s oil boom in Nigeria placed Nigeria amongst the richest countries in the world. Thanks for reading, please share with your family and friends! The general Nigerian mentality about foreign-made products is that anything foreign is far better than home-made. Send money. Google will calculate and show you the current amount whether in dollars or naira. The American dollar is among the most valued currencies in the world. The index is amid its third consecutive down week, and the dollar has declined in four of the last five weeks. 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. We … This one will help you find the exchange rates of any currency, you can also convert one currency to multiple other currencies using cross rates. Moreover, we added the list of the most popular conversions for visualization and the history table with exchange rate diagram for 1 US Dollar (USD) to Nigerian Naira (NGN) from Saturday, 12/12/2020 till Saturday, 05/12/2020. The Naira was exchanged at 22 naira for $1 officially. 38 of 1998,1999 and CBN Act of 2007. The DXY dollar index posted a fresh 32-month low at 90.84. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) As at today, the parallel rate stands at: Sell price: it’s the price at which the market is selling. The official CBN rate stands at N360 per US Dollar ($) Centrally. Click Here to Receive Our Next Post via Email ... Nollywood Registration – 2020/2021 Application, Tron2Get Review – Tron Smartcontract, Know if it is Legit or Scam, Tronex.net Review – Tron Smartcontract, Know if it is Legit or Scam. Well, we shall soon find out below the OFFICIAL current Dollar to Naira exchange rate. When you are on Playstore, search for this “ XE Currency App for Android “, The XE currency converter also has an iOS app for their website. Free online currency conversion based on exchange rates. 37 of 1998,No. You can quickly use the comment section down below. Today’s Dollar to Naira Exchange Rate or Naira to Dollar Exchange Rate. Late President Sani Abacha held the Naira with an iron grip for a period of five years. 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. Out of some of these cookies will be stored in your browser to search for currency apps... 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