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The exchange rate is grossly more favourable to the seller of the foreign currency than is the official bank rate, but such trading is usually illegal. [ citation needed ] In many rural areas there is still a strong bartering culture, the exchanged items being of more immediate value than official currency (following the principle that one can ...
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.
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.
The Foreign exchange Options date convention is the timeframe between a currency options trade on the foreign exchange market and when the two parties will exchange the currencies to settle the option. The number of days will depend on the option agreement, the currency pair and the banking hours of the underlying currencies. The convention ...
Display a table link to exchange rates between a currency to one of the top 9 most traded currencies in the world, and, optionally, three other currencies. Template parameters [Edit template data] This template prefers inline formatting of parameters. Parameter Description Type Status Currency code 1 The currency code to be used in this template. String required Additional currency 2 ...
However, excluding the pegged (fixed exchange rate) currencies, there are only 130 currencies that are independent or pegged to a currency basket. Dependencies and unrecognized states are listed here only if another currency is used on their territory that is different from the one of the state that administers them or has jurisdiction over them.
Date: New Currency: Conversion Rate From BWA pound: Western Nigeria 1958 Nigerian pound: 1 Ghana 1958 Ghanaian pound: 1 Nigeria 1958 Nigerian pound: 1 British Cameroon 1961 CFA franc (BEAC) 700 Sierra Leone 1964 Leone: 2 Gambia 1965 Gambian pound: 1
Banknotes of the Biafran pound (1969 "Second" issue) [2] Value Obverse Reverse Issue Date Size Prefixes 5/– Palm tree over a rising sun: Four Biafran girls Feb 1969 110 x 55 mm MA - NR 10/– Palm tree over a rising sun: Oil refinery Feb 1969 125 x 60 mm GA - GW £1: Palm tree over a rising sun: Coat of arms of Biafra Feb 1969 140 x 70 mm BA ...