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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.
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. [157]
100,000,000 (one hundred million) is the natural number following 99,999,999 and preceding 100,000,001. In scientific notation , it is written as 10 8 . East Asian languages treat 100,000,000 as a counting unit, significant as the square of a myriad , also a counting unit.
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Million Million Million M Mega-2 1 10 9: Billion Thousand million Milliard G Giga-3 2 10 12: Trillion Billion Billion T Tera-4 2 10 15: Quadrillion Thousand billion Billiard P Peta-5 3 10 18: Quintillion Trillion Trillion E Exa-6 3 10 21: Sextillion Thousand trillion Trilliard Z Zetta-7 4 10 24: Septillion Quadrillion Quadrillion Y Yotta-8 4 10 ...
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