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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.
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.
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Some currencies, such as the North Korean won, the Transnistrian ruble, and the Cuban national peso, are officially nonconvertible and can only be exchanged on the black market. If an official exchange rate is set, its value on the black market is often lower. [2] Convertibility controls may be introduced as part of an overall monetary policy.
The CME FedWatch Tool, which measures market expectations for Fed fund rate changes, projects a 52% chance the Fed will cut rates by a quarter percentage point to a range of 4.25% to 4.50% at its ...
The Nigerian naira notes are the official banknotes of Nigeria, the currency of which is the Nigerian naira (NGN). The naira is subdivided into 100 kobo. The naira is subdivided into 100 kobo. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender in the country.