Dollar to Naira Exchange Rate Today Black Market [ SEPTEMBER UPDATE 2018].
Dollar to Naira Exchange Rate Today Black Market, In some days it has been an up and down trend movement, currently at a rate of
N357 – buy per $ 1
N360 – sell per $ 1
Dollars to Naira in Nigeria Black Market For July, 2018:
Date: Buying / Selling
June 31st, 3018 (Tue): ..
July 30th, 2018 (Mon): 356../..360
July 27th, 2018 (Fri): 355../..360
July 26th, 2018 Thur): 355../..360
July 25th, 2018 (Wed): 355../..360
July 24th, 2018 (Tue): 355../..360
July 23rd, 2018 (Mon): 356../..360
June 20th, 2018 (Fri): 357../..360
June 19th, 2018 Thur): 357../..360
June 18th, 2018 (Wed): 356../..360
June 17th, 2018 (Tue): 358../..361
July 16th, 2018 (Mon): 358../..361
June 13th, 2018 (Fri): 358../..361
June 12th, 2018 Thur): 358../..361
June 11th, 2018 (Wed): 358../..361
June 10th, 2018 (Tue): 358../..361
July 9th, 2018 (Mon): 358../..361
June 6th, 2018 (Fri): 358../..361
June 5th, 2018 Thur): 358../..361
June 4th, 2018 (Wed): 358../..362
June 3rd, 2018 (Tue): 358../..362
July 2nd, 2018 (Mon): 358../..361
Dollar to Naira Exchange Rate Today Black Market History
- August 31/2017 – 362 / 365
- September 29/2017 – 362 / 365
- October 31/2017 – 360 / 363
- November 30/2017 – 361 / 364
- December 31/2017 – 360 / 363
- January 31/2018 – 361 / 363
- February 28/2018 – 359 / 363
- March 29/2018 – 360 / 362
- April 30/2018 – 360 / 362
- May 31/2018 – 360 / 363
- June 29/2018 – 359 / 362
- July 31/2018 – 357 / 360
DOLLAR TO NAIRA EXCHANGE RATE HISTORY FROM 1999
|Date||Naira Per Dollar|
|2002||N99 – N106|
|2003||N109 – N113|
|2004||N114 – N127|
|2005||N127 – N130|
Currency Conversion On Nigerian Naira Parallel Market Selling Rate (Updating daily)
- $ 1 = 360
- $ 10 = 3600
- $ 50 = 18000
- $ 100 = 36000
- $ 200 = 72000
- $ 500 = 180000
- $ 1000 = 360000
- $ 10000 = 3600000
factors responsible for the viability of the parallel market exchange rate system in the country.
These circumstances are:
- The lack of viable and sustainable Exportation of non-oil products.
The constant proliferation of multiple exchange rates
The over-dependence on imported products.
As far as the above factors continue to exist, then the black market exchange rate system will continue to be relevant to all residents in the country.
And as far as Nigerians cannot do without the exchange rate market, then this page will be used to monitor how one currency is converted to another in Nigeria.
What does Nigeria need to do for her to ultimately render the black market exchange rate market irrelevant?
Before one can effectively tackle this issue, we need to understand why the problem exists in the first place.
Can you ever tackle an issue without knowing the cause it?
At present. Nigeria has multiple exchange rates: we have the official bank rate, Pilgrims’ special fixed rates, Investor’s window rates, black market rates, interbank rates, and lots more.
As long as this trend continues, there is every possibility that the black market will continue to stay relevant.
Dollar to Naira Exchange Rate Today Black Market [SEPTEMBER UPDATE 2018]
The black market exchange rate window is the hope of the average Nigerian out there. Whenever you want to convert your dollars, irrespective of the amount, there is always someone willing to accept your transaction.
Can you go to any bank in Nigeria today and request to sell your $10, $20, $50 cast, do you know that you can readily sell your dollars at the parallel market without stress in Nigeria?
Thus, one of the main cause of the existence of the parallel market is as a result of convenience. Nigerians love to do things with ease and go through any length just to make sure of that.
Now, ask yourself this question: why would the economy of Nigeria not suffer when it is driven by high consumption rate of imported goods?
There are several categories of goods and services that are being imported into the country on a daily, weekly basis. The chief imported product that we already know of is Petrol.
Do you know that the country goes as far as to import toothpicks? Just think about the clothes you put on, the shoes, cars you drive, mobile phones you are now using to browse this page, and lots more.
Do you now see why the parallel market is still very important?
A few months back, a close associate of mine needed to import goods into the country from New York. He had the naira, but could not easily get dollars from the banks.
But, after seeking advice from a friend, he decided to visit the parallel market.
Do you know that within 5 minutes of dashing to the black market, he had completed his transactions?
Here are some questions that you need to ponder upon:
1. As an oil-producing nation, Nigeria’s legal tenders are Naira and Kobo. How possible and feasible is it for Nigeria to sell her crude oil to intending buyers in naira?
The logic behind this question arise from the fact that the value of a currency is somehow tied down to its relevance and demands.
Is it not possible that the higher the demand for the Naira, the more its value rises?
2. Nigerians have not been encouraged enough to invest in a lot of none oil exportable product.
IMPORTANT FACTS YOU NEED TO KNOW ABOUT DOLLAR
Dollar, the US currency is the most popular and powerful currency in the world. It is considered to be the pride of America. It consists of the cotton linen material which counts as one of the most distinctive features. It is quite contrary to many believers who generally think that the dollar is made from paper. However, besides this, there are certain other things about US Dollar that you need to know. This article endeavours to enlist some of the interesting facts about US Dollars.
The weight of a dollar is only 1 gram. It occupies a space of about 16 square inches. The Americans introduced this currency to the world in the year 1690.
One of the important causes that the money is not made form paper is that paper wears away very easily and costs more. As a result, to retain that, the government insists that the money should be made of proper materials. Also, paper currencies cannot be retained as long as the coins which are both recyclable and has a life span of about 30 years. The life span of a $10 bill is about four years.
Besides linen, other key ingredients in the making of money in the USA are ink and cocaine. But it should not lead you to conclude that the money is made of cocaine. Rather, it is to be noted that the 97% of the money in the USA has little traces of cocaine.
On an average, 1 dollar bill circulated for about 5.8 years! It represents 45% of the total bill production. Such is the condition of a dollar when it is circulated in various pockets for over the years.
Dollar to Naira Exchange Rate Today Black Market [SEPTEMBER UPDATE 2018]
There are the different name for each dollar in the colloquial American English. For example, twenty dollars is called ‘Double Sawbuck’, a fifty dollar is called ‘Grant’. There are other terms that are variedly used in this context are Franklin, C-Note, Husky, Green-Bank and others.
In the USA, you can redeem the bills that are ripped but on one condition that you have more than half the portion of the bill.Dollar to Naira Exchange Rate Today Black Market.
George Washington’s portrait was used for the first time in the 1 dollar note in 1869.
The two dollar bill in the USA was introduced in the year 2003. A lot of people are unaware of the fact that these types of bills do exist!
A lot of five cent dollars were minted between 1942 and 1945, and these do not have nickels in them.
The $100,000 note was printed, and it has been credited as the largest note. It was used for transactions of the Federal Reserve bank and was never circulated among the masses.
Martha Washington is the only woman who has appeared in the currency notes. It is quite an interesting fact that there has been no image of any African-American on the US$ notes till now.
A major percentage of the notes in the USA are contaminated with bacteria. Some even consist of pathogens that are potentially dangerous.
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