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The Black-Market exchange rate of the naira to the U.S. dollar is approximately ₦752.50 per 1 US dollar. [when?] [68] According to a recent (June 2024) report by Naija News, the parallel market exchange rate of the naira to the U.S. dollar is around ₦1483 per 1 USD, significantly higher than the official Central Bank of Nigeria rate. This ...
In May 2016 the Buhari administration increased fuel prices again to NGN 145 per litre ($0.43 at black market rates for the currency). [27] In September 2020, the government had announced an increase in the pump price of petrol to NGN 151.56 per litre from NGN 148. [28]
These included shells, [1] ingots, gold (gold dust and gold coins (the Asante)), arrowheads, iron, salt, cattle, goats, blankets, axes, beads, and many others. In the early 19th century a slave could be bought in West Africa with manilla currency ; multiples of X-shaped rings of bronze or other metal that could be strung on a staff.
The US dollar exchange rate is an estimated average of the official rate throughout a year and does not reflect the parallel market rate at which the general population accesses foreign exchange. This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017, due to a scarcity of forex (oil earnings had dropped by half), and ...
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from the local currency.
On 6 September 2007, the Zimbabwe dollar was devalued again by 92%, [20] creating an official exchange rate of ZW$30 000 to US$1, although the black market exchange rate was estimated to be ZW$600 000 to US$1.
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD).
Nigerian one thousand-naira note ( ₦ 1000 or NGN 1000) is a denomination of the Nigerian currency. The one thousand-naira note was introduced in October 2005. [ 1 ] It is the highest Naira denomination.