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The nakfa is pegged to the US dollar at a fixed rate of US$1 = ERN 15. At earlier times, [when?] it was officially pegged at US$1 = ERN 13.50. The currency is not fully convertible, so black market rates available on the streets typically offered a rate of 15 nakfas per dollar. [2] [needs update]
The birr was reintroduced on 23 July 1945 at a rate of 1 birr per 2 shillings. It was pegged to the U.S. dollar at a central rate of 1 birr = US$0.4025, or 2.48447 birr = US$1. On 31 December 1963, this was slightly changed to 2.50 birr = US$1. The name Ethiopian dollar was used in the English text on the
A black market in Shinbashi in 1946 Illegal street traders in Barcelona in 2015. A black market [a] is a clandestine market or series of transactions that has some aspect of illegality, or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose production and distribution are prohibited or ...
Second, a dollar of gold is nearly equal in value to a pound of silver ($1 of gold = 5754 3/8 grains of silver = 0.999 Lb of silver). Third, the number of grains in a dollar (371.25) roughly equals the number of grams in a troy pound (373.24).
The dollar surged against global currencies last year and looks to remain strong in 2025 if global investors continue pouring money into the booming U.S. stock market, according to Societe ...
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 ...
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By 1983, one U.S. dollar equalled about 120 cedis on the black market; a pack of cigarettes cost about ₵150 (if they could be found), but the bank rate continued at ₵2.80 = $1.00. Finally, with foreign currency completely drying up for all import transactions, Ghana was forced to begin a process of gradual devaluation, as well as a ...