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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 introduction of SFEM was to dampen interest in the black market, deregulate the financial sector and allow market forces to determine the exchange rate. SFEM began in September 26, 1986 with the value of the naira determined by weekly auction and the highest bids receive not more than 10% of the allocation. [1]
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]
The gap between official and black market exchange rates continues to widen, with many people and informal traders who dominate the economy again preferring the more stable dollar.
High-yield savings rates for December 30, 2024. Today’s highest savings rates are at FDIC-insured digital banks and online accounts paying out rates of up to 5.05% APY with no minimums at ...
That performance was slightly behind the Nasdaq Composite, as has been the case throughout 2024. An 0.8% advance on Friday has the technology-heavy index up 6.2% for the month and 28% this year.
The pound (symbol £) was the currency ... Nigerian pound; Nigerian naira; ... This page was last edited on 2 December 2024, at 21:08 (UTC).
December 14, 2024 at 2:00 PM Donald Trump, George Stephanopoulos The settlement was publicly filed Saturday, just days before the two sides were set to sit for depositions in the case.
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