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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. [ when? ] [ 68 ] 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.
The 2023 Nigerian currency crisis was precipitated by a shortage of cash currency (the naira) and an attempt by the Nigerian government to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests in mid-February 2023.
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. [156]
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NewsOnline Nigeria is an independent online newspaper based in Nigeria. [ 1 ] [ 2 ] It was founded by Mr Mmadubugwu Nonso Justice, who serves as chairman and editor-in-chief of the NewsOnline Nigeria .
From stock market news to jobs and real estate, it can all be found here. ... The rate on the popular U.S. 30-year fixed-rate mortgage will average around 6.0% next year and help to boost new ...
A black market in Shinbashi in 1946 Illegal street traders in Barcelona in 2015. A black market, underground economy, shadow market or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is not compliant with an institutional set of rules. If the rule defines the set of goods and services whose ...
This, in turn, led to black market butchers, runs on beef supplies, and the rise of pasta as a main dish. ... McDonald's is contemplating either raising prices on its dollar menu or changing the ...