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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 price of petrol has increased from 65 naira ($0.40; £0.26) per litre to at least 141 naira in filling stations [6] and from 100 naira to at least 200 naira on the black market, from which many Nigerians buy their fuel.
Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar). In some places there is a thriving street trade by unlicensed street traders in US dollars or other stable currencies, which are seen as a hedge against local inflation. The exchange rate is ...
The US dollar index, which measures the dollar against a basket of other currencies, is up over 7.1% across the year, according to data from FactSet. Bitcoin slid to $93,400 around by 4 p.m. on ...
Here’s how to get rid of chest congestion medically and naturally, according to experts.
On Wednesday, October 20, 2019, a destructive fire razed down several shops at Sheikh Gumi Market, located near Bakin Dogo (railway). This was the third fire at the market. It destroyed over 31 shops, including food worth millions of Naira. The fire started around 2 o'clock in the morning, [citation needed] a time when most shop owners were at ...
It takes a fair amount of money to buy a home these days. The median existing-home sale price in September was $404,500, according to the National Association of REALTORS. And if you want to avoid ...
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]