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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. [68] According to a recent 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 disparity highlights ...
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 ...
"They set ablaze my produce and took away foodstuff worth about 4 million naira ($2,739.73)," said Ya'u, who has sought refuge in Daura town, nearly 200 km (124 miles) from Kankara.
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 court eventually granted 10 million naira ($5,900) bail to each the defendants and imposed stringent conditions they are yet to meet, Marshal Abubakar, counsel to some of the boys, said.
Abdulrasheed Maina was the head of the task force on pension reforms during the President Goodluck Jonathan-led administration but fled Nigeria in 2015 after claims that he embezzled two billion naira ($5.6 million, 4.8 million euros). [84]
Putting away $4 million for retirement is a great accomplishment. However, you're likely wondering how much interest $4 million earns per year. Predicting how much interest your nest egg earns ...
His kidnappers demanded a 15 million naira ransom. [13] Owoh was released after his family members allegedly paid a ransom fee of 1.4 million naira . [ 14 ] [ 15 ]