Search results
Results From The WOW.Com Content Network
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.
A third rate, Alternative Foreign Exchange System (Sistema cambiario alternativo de divisas (SICAD II)), quite unfavorable at 50 times the official exchange rate, is offered to other importers. [2] The black market rate, as of late December 2014, was 173 to 1 and rising rapidly.
In many countries there is a distinction between the official exchange rate for permitted transactions within the country, and a parallel exchange rate (or black market, grey, unregulated, unofficial, etc. exchange rate) that responds to excess demand for foreign currency at the official exchange rate.
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.
But the rise of technology has led to an evolved "black market" -- and rather than exotic animals and tangible exports, data like credit card information and even streaming accounts are up for grabs.
Second-Tier Foreign Exchange Market sometimes known by the acronym SFEM was a second official foreign exchange market in Nigeria that opened in September 1986 and was effective until middle of 1987. [1] The market window was open to both Nigerians and foreigners and the initial plan was to find a market rate for the naira.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
He capped off the fit with light-brown suede boots, a fuzzy brown bucket hat, and chunky black shades. In the summer of 2023, Vergara split from husband-of-seven-years Joe Manganiello.