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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 market window was open to both Nigerians and foreigners and the initial plan was to find a market rate for the naira. A first tier market was operated by the government for debt servicing and servicing public sector letters of credit [1] The SFEM was the first time a Nigerian government floated a dual exchange rate system.
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.
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.
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 Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. [3] The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country; promote monetary stability and a sound financial environment, and act as a banker of last resort ...
David Lynch revealed one of his biggest career regrets years before his death.. The celebrated director of Mulholland Drive, Blue Velvet and Twin Peaks died just days before his 79th birthday, his ...
U.S. President-elect Donald Trump is making good on his threats to go after the media in court, with several recent lawsuits seeking damages against major publishers over what he describes as ...