Free online currency conversion based on exchange rates. However, our concern here is on the trading of currencies in the black market. this colonial mindset is still affecting us till date. The coins were minted in the denomination of half kobo, 1 kobo, 5kobo, 10kobo and 25kobo. Nigeria still exports crude oil and imports Premium Motor Spirit (petrol), gasoline, Kerosene and other constituents of crude oil which should’ve been refined within the country; but guess what? Nigeria will literally crumble if we do not import these things. The first US paper dollar came into existence in 1875. You must Register or Checkout today s naira exchange rate dollar to naira exchange rate today how much is 1000 euro eur to ngn black market exchange rates for dollar crude oil here s how the Did The Dollar To Naira Exchange Rate Change […] New Dollar Wallpaper HD Noeimage.Org. Moreover, we added the list of the most popular conversions for visualization and the history table with exchange rate diagram for 1 US Dollar (USD) to Nigerian Naira (NGN) from Saturday, 12/12/2020 till Saturday, 05/12/2020. The general Nigerian mentality about foreign-made products is that anything foreign is far better than home-made. You still have any other thing you would like to know or ask us? Whenever you want to calculate the exchange rate of any currency, you just login to the app and in few seconds you will be done. However, it’s worthy of note that, less than 30 years ago, the naira was equal or better than the dollar in value. Kobo is the Nigerian local pronunciation of copper. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Today, it serves as the name of over 20 currencies in the world. It updates automatically anytime there is a change in the exchange rates of any currency. The dollar symbol ($) was coined from the previously used American currency known as Spanish Peso. Also, you can calculate the amount of Naira money to dollar or dollar money to naira. 1 US dollar sells for #360 and is being bought for the sum of #360. Mid-market exchange rate at 21:49 UTC. Nollywood Registration – 2020/2021 Application / 4 of 1997,No. If you want to keep up with the forever volatile nature of the Naira against the dollar, then Abokifx which means friend in will help you do just that. The United States Dollar is also known as the dollar, U.S dollar or American dollar. Sending money abroad has never been easier. The US dollar is equivalent to 100 cents, usually in coins. The page provides the exchange rate of 5 US Dollar (USD) to Nigerian Naira (NGN), sale and conversion rate. 38 of 1998,1999 and CBN Act of 2007. The currency was subdivided into Kobo. How Much Is Dollar Rate In Nigeria Today Saturday, 12 December 2020. What Is 1 Canadian Dollar to Naira . Forex 4 ngn to cad exchange rate nigerian naira canadian dollar conversion ai what you need to know about canadian money 1 ngn to cad canadian dollar exchange rate how much is nigerian naira in currency converter dollar to naira black market exchange rate today aid 2 canadian dollars birds of canada exchange yours today How much is 1 US Dollar in Nigerian Naira? Tags: Nigerian exchange rate Dollar To Naira Exchange Rate Today Black Market, convert USD to naira dollar exchange rate today, exchange rate dollar to naira black market today, Nigerian currency exchange rate. Inflation rate in Nigeria is at 11.25% As we continue to borrow from the IMF and World bank, that was how we continued to devalue the Nigerian Naira, until it got so worst as we have it today. The Naira depreciated against the dollar, closing at N482/$1 at the parallel market on Monday, December 7, 2020. At least, it is used as the standard exchange currency. Tron2Get Review – Tron Smartcontract, Know if it is Legit or Scam / The Nigerian currency has suffered high inflation rate and that has made it unstable over the years. What Is The Current Western Union Dollar To Naira Exchange Rate Today? It is expressed in terms of a unit of one currency to another currency. How much is Dollar to Naira exchange rate today black market 2020 – The Naira to Dollar exchange rate though pegged at an official rate of N380.5 per $1 had been at what could be described as freefall in the black market. The Dollar exchanged for about 160 nairas. This category only includes cookies that ensures basic functionalities and security features of the website. GTBank Dollar to Naira Exchange Rate Today – 2020. The dollar changes for more there. How Much is Dollar to Naira Exchange Rate in Black Market Today? The naira was introduced on 1st January 1973 to replace the pound at the rate of 2naira to 1 pound. The United States dollar is not made of paper; it’s made of cotton, silk fibres and linen blend, The $2 bill is barely in circulation. The Chrome currency converter is a browser extension of Chrome that allows you to check the exchange rates of any currencies in a matter of seconds. The post will keep you updated with the latest dollar to naira exchange rates across Nigeria. 1 United States dollar = 380.9950 Nigerian naira, 1 Nigerian naira = 0.002625 United States dollar Don't get overcharged when you send money abroad. Nigeria is a country that depends so much on imported goods and products. Tue, 1st December 2020. If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal. Your feedback will be appreciated!View all posts by Blogger | Website. Sadly enough, the Nigerian economy that used to be the best in Africa, and among the best in the world has been reduced to nothing as a result of our dependency on only oil. Euro to Naira Bank Rate Today So, why has the Nigerian Naira fallen so flat against the US dollar? Below are the top currency converters/calculators. This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Dollar to naira rate today (Updated Today) Official CBN rate: N388 => $1. A country that imports so much will definitely have a poor currency. 3 of 1997,No. There are so many automated systems that can help you check the current exchange rate of dollar to Naira or Naira to Dollar. The result of such a high exchange rate for the dollar is that Nigerians spend so much to buy so little, especially when it comes to foreign or imported goods. New Dollar Wallpaper HD. Dollar to Naira Exchange rate is the ratio at which Dollar can be traded with Naira. They have built and uploaded the app version of their website on Play store. This is the current price as updated today, you can always check this spot for daily updates (or periodic updates) because they are done in realtime. According to Wikipedia, A black market is a clandestine market or series of transactions that has some aspect of illegality or is characterized by some form of noncompliant behaviour with an institutional set of rules. Crude oil price is currently at $25.00 per barrel. Compare money transfer services, compare exchange rates and commissions for sending money from United States to Nigeria. How Much Is 1 Dollar In Nigeria Today Sunday, 13 December 2020. As at today, the exchange rate dollar to naira black market is almost the same with the bank rate which is N361/$. The exchange rate is the value of one currency to another currency for the purpose of transaction. Send money. Thanks for reading, please share with your family and friends! I.e $1 = ₦358. But sadly, this is not the case with Nigerians. These stolen funds are usually converted into foreign currencies especially dollars and kept in foreign banks. From there download and install it. When you are on Playstore, search for this “ XE Currency App for Android “, The XE currency converter also has an iOS app for their website. Dollar Naira; 1 Dollar to Naira: ₦ 475: 5 Dollars to Naira: ₦ 2,375: 10 Dollars to Naira: ₦ 4,750: 20 Dollars to Naira: ₦ 9,500: 50 Dollars to Naira: ₦ 23,750: 100 Dollars to Naira: ₦ 47,500: 200 Dollars to Naira: ₦ 95,000: 500 Dollars to Naira: ₦ 237,500: 1000 Dollars to Naira: ₦ 475,000: 2000 Dollars to Naira: ₦ 950,000: 5000 Dollars to Naira: ₦ 2,375,000 CBN Exchange Rate of Dollar to Naira Today Dollar(USD) to Naira(N) History. There is Interbank Rate and Parallel Rate. This post is about the current Dollar to Naira exchange rate in black market for today. From the table above, you can see that the dollar to naira black market rate is 360. Our love for everything foreign has made the dollar gain so much ground against the Naira. Why is the Nigerian Naira so poor in relation to the US dollar? We'll assume you're ok with this, but you can opt-out if you wish. Amount. However, with the recession now declared over, an end might be in sight. Thanks, Dollar To Naira Exchange Rate In Black Market February 2020, Nigerian Military Ranks – Army, Navy and Airforce. Their web address is WWW.Oanda.com. Todays Exchange Rate In Naira. Well, we shall soon find out below the OFFICIAL current Dollar to Naira exchange rate. Sell $1 = ₦410. Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. The DXY dollar index posted a fresh 32-month low at 90.84. Hence, while the currencies of the countries that import all these things into the shores of Nigeria gets stronger, that of Nigeria gets weaker comparatively. However, people prefer the use of black market at times because of the availability of cheap services they provide. It is mandatory to procure user consent prior to running these cookies on your website. This is the app version of XE Online Currency Converter. This post is about the current Dollar to Naira exchange rate in black market for today. The Naira was exchanged at 22 naira for $1 officially. The official cbn exchange rate dollar to naira remains at N361/$ as at today. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services OK Also, it must be mentioned here that mindset was not natural to Nigerians. There are so many automated systems that can help you check the current exchange rate of dollar to Naira or Naira to Dollar. The app can be downloaded from iTunes. Today’s Dollar to Naira Exchange Rate or Naira to Dollar Exchange Rate. The black market is the same as the parallel market. convert USD to NGN to USD 1 NGN to USD 10, Best Currency Converter app for Android, Best Currency converter app for iPhones, About Blogger Customers can’t always tell you what they want, but they can always tell you what’s wrong. Online Converter Ex-Rate offers you an ample opportunity to check the exchange rate of currencies from 96 different countries any time, any moment you want to. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. The currency was pegged at 197 to one U.S dollar in 2016. The dollar to naira black market rate is ₦358. To purchase a product in the US or any other Dollar supported country with your Naira currency, you will first convert it to Dollar before you can use it and vice versa. Because the value of a currency fluctuates with time, the exchange rate is not fixed. Still, the federal government has chosen to largely ignore these export sources and focus largely on crude oil whose value is fast depreciating. You can take my word for it. Spread the love How Much Is Dollar To Naira Exchange Rate Today Black Market? With a poor economy comes a poor currency. Black Market Rate(Aboki) => ₦475 = $1 Official Average Bank rate 1 dollar to Naira => ₦388 exchange rate dollar to naira today Convert American Dollars to Nigerian Nairas with a conversion calculator, or Dollars to Nairas conversion tables. The exchange rate of Dollar to Naira is, therefore, the price of a unit of Dollar to naira. Dollars to Naira market ( Lagos ) today, the Nigerian currency is Naira while that of the website to... 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Easier navigation Converter the Converter shows the conversion of 1 US dollar to Naira black market ) an individual 22. And understand how you use this website uses cookies to improve your experience while you navigate the. Most valued currencies in the world late President Sani Abacha held the Naira depreciated the! Week, and search for currency Converter or calculator is one of the symbol talk about things as! Calculator is one of the last five weeks you also have the option to opt-out of these.. To share this article to your friends on social media features and to analyse our traffic today. To Sell a bit below the official CBN rate stands at: to.