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According to a recent (June 2024) 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 underlying economic challenges and market pressures. [69] Rate of the Nigerian naira for US$1 (1994 ...
The US dollar exchange rate is an estimated average of the official rate throughout a year and does not reflect the parallel market rate at which the general population accesses foreign exchange. This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017, due to a scarcity of forex (oil earnings had dropped by half), and ...
Rank State GDP (tril. ₦) GDP (bil. US$) GDP PPP (bil. int$) GDP per capita (US$) GDP per capita PPP (int$) 1 Lagos State: ₦41.17 102.01 266.55 6,614
However, when new stiffer import restrictions and foreign exchange controls were implemented in 1982 it created a divergence between the government official rates and the rates obtained in the parallel market sometimes called the black market. In 1986 this rate was up to 4 naira to $1 naira. [2]
Idumota Market is a market located on Lagos Island, a suburb and local government area of Lagos State. It is one of the oldest and arguably one of the largest markets in West Africa with thousands of lock-up shops occupying various buildings in the market. [ 1 ]
High-yield savings rates for December 11, 2024. Today’s highest savings rates are at FDIC-insured digital banks and online accounts paying out rates of up to 5.10% APY with no minimums at ...
Lekki Market, 2008 Market, 2003 Mile 12, 2019 Markets in Lagos , Nigeria , offer a broad and diverse range of new, second-hand goods, products and merchandise for consumers. Notable markets in Lagos include:
In 2002, jewelry, auto spare parts and other consumer goods traders from Balogun Market on Lagos Island relocated to the complex. [1] Today, the complex host traders representing a number of trade factions including Balogun Business Association, Auto Spare Parts And Machineries Dealers Association (ASPMDA), and jewelers under the banner of ...