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3.2 Euro as exchange rate anchor. ... Foreign exchange; Exchange rates; Currency band; Exchange rate; Exchange rate regime; ... Nigeria Papua New Guinea ...
Currency quotations use the abbreviations for currencies that are prescribed by the International Organization for Standardization (ISO) in standard ISO 4217.The major currencies and their designation in the foreign exchange market are the US dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and the Swiss franc (CHF).
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 general, the exchange rate where the foreign currency is converted to a smaller number of domestic currencies is the buying rate, which indicates how much the country's currency is required to buy a certain amount of foreign exchange. Selling rate: Also known as the foreign exchange selling price, it refers to the exchange rate used by the ...
Foreign-exchange reserves is generally used to intervene in the foreign exchange market to stabilize or influence the value of a country's currency. Central banks can buy or sell foreign currency to influence exchange rates directly. For example, if a currency is depreciating, a central bank can sell its reserves in foreign currency to buy its ...
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 ...
Other factors contribute to currency exchange rates: these include forex transactions made by smaller banks, hedge funds, companies, forex brokers and traders. Companies are involved in forex transactions due to their need to pay for products and services supplied from other countries which use a different currency.
The Euro-prefix does not refer exclusively to the "euro" currency or the "eurozone", as the term predates the creation of the euro. Instead, it can be applied to any combination of deposits in a foreign bank outside of its home market e.g. a deposit denominated in Japanese yen held in a Swiss bank is a Euroyen deposit.