How Much Is Dollar To Naira Exchange Rate Today In Black Market
It you are interested in knowing How Much Is Dollar To Naira Exchange Rate Today Black Market , then we at fab36 have got your back with our daily update on fluctuations of naira to dollar exchange rate in Nigeria.
HOW MUCH IS DOLLAR TO NAIRA EXCHANGE RATE TODAY BLACK MARKET
The US dollar to Nigerian Naira exchange rate today varies between the CBN exchange rate and the parallel market (black market) exchange rate. Going by the CBN exchange rate, 1 USD = N305. But coming to parallel market, its a different story entirely.
Dollar to Naira Exchange Rate Today In Black Market
Buying = 1 USD to Naira 400
Selling = 1 USD to Naira 410
Looking at this and comparing it with about 4 years back, we would see that the Nigerian Naira had been loosing it value rapidly. What then can be done to strengthen it? It can be strengthened by reducing the demand of the dollar against the Naira in the country. This can be achieved by local production and exportation, stop the use of the USD as a legal tender as practice by some firms and other practices strengthening the dollar against the Naira in the country.
Furthermore, the United State’s Dollar is unarguably one of the strongest currencies in the world, occupying the 6 or 7 position. The Nigerian Naira on the other hand is the currency of the largest country in Africa. These two currencies have for sometimes now been having an ever-widening gap between them in terms of value with the United State’s Dollar having an upper hand. This article would try among other things to showcase the US Dollar to Nigerian Naira exchange rate for today. But before that, let take a look at a brief overview of the two currencies.
THE UNITED STATES DOLLAR USD
Except you’re just landing from another planet, the United States dollar need no introduction. However, there are a lot of things many don’t know about this currency. Aside being the currency of the United States of America, the US dollar is also an official currency of East Timor, Ecuador, El Salvador, Marshall Islands, Federated States of Micronesia, Palau, Panama, Zimbabwe, Caribbean Netherlands, British Virgin Islands, Turks and Caicos Islands. Aside these countries, it is used unofficially in 27 other countries around the world. In fact, the United States currency is the most used currency in international transactions and most known by people around the world.
The currency is divided into 100 smaller cent (¢) units. It “$” as it symbol and USD as it code. Impressively, this currency has an inflation rate of 0.10%. In the States, the USD is known as buck or greenback.
THE NIGERIAN NAIRA Ngn
The Nigerian Naira Ngn is the currency of the Federal Republic of Nigeria. This currency has been a very strong currency in the 20th century but getting to the 21st century more specifically in recent years, the value of the currency has been falling at an alarming rate. ₦ is the symbol of the Nigerian Naira and NGN is it code. It is also divided into 100 units each known as kobo.
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