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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. [156]
Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar). In some places there is a thriving street trade by unlicensed street traders in US dollars or other stable currencies, which are seen as a hedge against local inflation. The exchange rate is ...
In many countries there is a distinction between the official exchange rate for permitted transactions within the country, and a parallel exchange rate (or black market, grey, unregulated, unofficial, etc. exchange rate) that responds to excess demand for foreign currency at the official exchange rate.
But as you can see, it is no longer possible, due to increase in dollars. We can no longer sustain that figure. Even when the budget was N150bn, the exchange rate was 199 naira to a dollar, today, the official exchange rate is 305, but you can’t get it. You need to buy at the black market at high rate", he added. [13]
The Nigerian government had initially reacted to the sharp depreciation in the Nigerian naira by limiting access to foreign exchange and refusing to devalue the official exchange rate. [42] In order to obtain naira, Nigerian traders had to resort to the black market to buy dollars at a 75% premium, making it difficult to turn a profit.
While it shouldn’t come as a surprise for an organization that has famously failed to ever pass an audit, the Pentagon was nevertheless able to shock some observers this week with a new batch of ...
The Nigerian naira notes are the official banknotes of Nigeria, the currency of which is the Nigerian naira (NGN). The naira is subdivided into 100 kobo. The naira is subdivided into 100 kobo. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender in the country.