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When the naira was introduced, it had an official exchange rate of US$1.52 for ₦1, though a currency black market existed in which the naira traded at a discount relative to the official exchange rate. The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦767.54 per 1 US dollar.
In 2016, the black-market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% "premium" to be paid to central bank officials to get dollars. [157]
The Nigerian aviation industry generated 198.62 billion naira (€400 million) in 2019, representing a contribution of 0.14% to GDP. It was the fastest-growing sector of the Nigerian economy in 2019. Passenger traffic increased from 9,358,166 in 2020 to 15,886,955 in 2021, a significant increase of over 69%.
100,000,000 (one hundred million) is the natural number following 99,999,999 and preceding 100,000,001. In scientific notation , it is written as 10 8 . East Asian languages treat 100,000,000 as a counting unit, significant as the square of a myriad , also a counting unit.
For powers of ten less than 9 (one, ten, hundred, thousand and million) the short and long scales are identical, but for larger powers of ten, the two systems differ in confusing ways. For identical names, the long scale grows by multiples of one million (10 6), whereas the short scale grows by multiples of one thousand (10 3).
10,000,000 (ten million) is the natural number following 9,999,999 and preceding 10,000,001. In scientific notation , it is written as 10 7 . In South Asia except for Sri Lanka , it is known as the crore .
This is an accepted version of this page This is the latest accepted revision, reviewed on 7 January 2025. See also: Orders of magnitude (numbers) and Long and short scales Natural number 1000000000 List of numbers Integers ← 10 0 10 1 10 2 10 3 10 4 10 5 10 6 10 7 10 8 10 9 Cardinal One billion (short scale) One thousand million, or one milliard (long scale) Ordinal One billionth (short ...
Progressing into the late 1930s, Nigeria acquired an additional loan of £4.89 million by the end of 1936, resulting in the country's cumulative public debt reaching about £9.89 million. Subsequently, from 1946 to 1948, Nigeria obtained an additional £5.74 million, further elevating the nation's total debt burden to £21.24 million by the ...