[Latest] How Much Is Dollar to Naira Today Exchange Rate 2019
US Dollar is being traded at ₦ in Black Market (Lagos) today, April 21, Initial US Dollar rate was noted as ₦ at the beginning of this week on Monday, April 19, This makes a % increase for USD rate against Naira this week.. To have a monthly quick review, we see that USD rate started April at ₦ on Thursday, April 01, As of today with US Dollar being traded. Union Bank. ₦ 01/04/ US Dollar to Naira bank rate has. the most recent rate of ₦ at GTBank as of 15/04/ the lowest value of ₦ at FCMB as of 01/04/ in last 30 days. the highest value of ₦ at Wema Bank as of 06/04/ in last 30 days. All USD to NGN Rates.
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If not how can I exchange dollar in Nigeria at a cheaper rate? It's very close to impossible to obtain a fcmb mastercard if you are a youth They are a verve bank Don't be deceived by the rate advertised. I can't make online payments with any of the two cards. You wrote sterling bank as but I have been making online payment using my sterling Mastercard and the rate they charge is Foreign currencies to Naira exchange rates have been very stable in the beginning of until mid Nigerian Naira continued to gain value against most of the foreign currencies in the second half of Toggle navigation NgnRates.
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Conversion from United States dollar to Nigerian naira can be done at current rates as well as at historical rates – to do this, select the desired exchange rate date. Today’s date is set by. Apr 16, · This makes it % rise for United States Dollar against Naira this week. When we look at this month, USD was traded at ₦ at the beginning of this April on Thursday, April 1, As at today with USD being traded at ₦ we see a % decline for United States Dollar to Naira exchange rate for this month. Apr 20, · Historical Exchange Rates For United States Dollar to Nigerian Naira. Dec 16 Dec 31 Jan 15 Jan 30 Feb 14 Mar 01 Mar .
According to Wikipedia, A black market is a clandestine market or series of transactions that has some aspect of illegality or is characterized by some form of noncompliant behaviour with an institutional set of rules.
If the rule defines the set of goods and services whose production and distribution is prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal. However, people prefer the use of black market at times because of the availability of cheap services they provide.
Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around. A lot of things are being sold in the black market. However, our concern here is on the trading of currencies in the black market. This increase in the exchange rate corresponds to a 0. Although these rates are subject to unexpected changes due to the instability of the forex market, they are overly high, to say the least.
The result of such a high exchange rate for the dollar is that Nigerians spend so much to buy so little, especially when it comes to foreign or imported goods. Also, consider Nigerians who have to pay for medical and educational bills in this foreign currency. Why is the Nigerian Naira so poor in relation to the US dollar? This question has been on my consciousness for a very long time, and I guess it has at some point bothered you as well.
The American dollar is among the most valued currencies in the world. At least, it is used as the standard exchange currency. So, why has the Nigerian Naira fallen so flat against the US dollar? The s oil boom in Nigeria placed Nigeria amongst the richest countries in the world. The Nigerian economy was so strong then. However, In the early s, the price of oil in the foreign market dropped ridiculously. Hence, Nigeria got into a financial mess and difficulty because we depended on oil revenues for almost all of our foreign exchange needs.
In order to help salvage the situation, Nigerian governments have tried to borrow money from the IMF and World Bank at different times.
As we continue to borrow from the IMF and World bank, that was how we continued to devalue the Nigerian Naira, until it got so worst as we have it today. Nigeria is a country that depends so much on imported goods and products.
Necessities like rice, plantain, fish, toothpick, spoon, etc. Talk about things such as electrical appliances, cars, furniture etc. Nigeria will literally crumble if we do not import these things. A country that imports so much will definitely have a poor currency. The effect of this over importation is that more money leaves the shores of Nigeria than the ones that come into Nigeria. Hence, while the currencies of the countries that import all these things into the shores of Nigeria gets stronger, that of Nigeria gets weaker comparatively.
Nigeria is blessed! You can take my word for it. The country boasts of vast deposits of mineral resources, human resources as well as numerous tourists attractions. Still, the federal government has chosen to largely ignore these export sources and focus largely on crude oil whose value is fast depreciating. Many of our refineries are barely functional. The naira can only gain value if the country invests in the exportation of finished products instead of doing the opposite.
Sadly enough, the Nigerian economy that used to be the best in Africa, and among the best in the world has been reduced to nothing as a result of our dependency on only oil. With a poor economy comes a poor currency. However, with the recession now declared over, an end might be in sight. The general Nigerian mentality about foreign-made products is that anything foreign is far better than home-made.
Foreign nationals would rather buy locally made products to support their countrymen, like the Asian Tigers. But sadly, this is not the case with Nigerians. Our love for everything foreign has made the dollar gain so much ground against the Naira. Also, it must be mentioned here that mindset was not natural to Nigerians. The Nigerian state is being robbed blind by corrupt politicians. Tell you what; trillions of naira have been looted from public coffers by politicians saddled with the responsibility of using these funds for the betterment of the country.
These stolen funds are usually converted into foreign currencies especially dollars and kept in foreign banks. This has further made the naira so cheap against the dollar. The black market is the same as the parallel market. The dollar changes for more there. Through , and early The Dollar exchanged for about nairas.
Late and all through , it exchanged for nairas. So that is it, guys. You still have any other thing you would like to know or ask us? You can quickly use the comment section down below. Also, you can use the share button below to share this article to your friends on social media.
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