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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.
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 ...
For example, in a conversion from EUR to AUD, EUR is the fixed currency, AUD is the variable currency and the exchange rate indicates how many Australian dollars would be paid or received for 1 euro. In some areas of Europe and in the retail market in the United Kingdom , EUR and GBP are reversed so that GBP is quoted as the fixed currency to ...
United States dollar $ USD Centavo: 100 Ecuador: United States dollar $ USD Centavo: 100 Egypt: Egyptian pound: LE EGP Piastre [B] 100 El Salvador: United States dollar $ USD Cent: 100 Bitcoin [5] ₿ (none) Satoshi: 100000000 Equatorial Guinea: Central African CFA franc: F.CFA XAF Centime: 100 Eritrea: Eritrean nakfa: Nkf ERN Cent: 100 Estonia ...
Fijian pound: 1969 Rhodesian dollar: 0.5 10/– Rhodesian pound: 1970 Bermudian dollar: 0.4167 8/4 = 100d. Bermudian pound: 1970 Gambian dalasi: 0.2 4/– Gambian pound: 1971 Malawian kwacha: 0.5 10/– Malawian pound: 1971 Irish pound: 1 £1 Irish pound 1971 Pound stg. 1 £1 Pound stg. 1971 Maltese lira: 1 £M 1 Maltese pound 1972 Nigerian ...
The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF). The exceptions are the British pound (GBP), Australian dollar (AUD), the New Zealand dollar (NZD) and the euro (EUR) where the USD is the counter currency (e.g. GBPUSD, AUDUSD, NZDUSD, EURUSD). [citation ...
Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.. Most countries have decimalised their currencies, converting them from non-decimal sub-units to a decimal system, with one basic currency unit and sub-units that are valued relative to the basic unit by a power of 10, most commonly ...
By that same decree, Nigeria currency notes will cease to be legal tender in Biafra. Our new currency notes, along with our new postage stamps, will be issued to the public on 29 January 1968." The first notes, in denominations of 5 /– and £1, were introduced on 29 January 1968. [ 2 ]