Dollar Naira Exchange Rate Today From Abokifx July 2019
Convert Dollar to Naira 2019 Current Exchange Rate of 1 USD to NGN Today (Black Market & CBN), Abokifx Rate Today, FX Rates in addition to therefore on.
Dollar Naira Exchange Rate Today AbokiFX Black Market.
Buying = N358.
Selling = N360.
CBN/Official Exchange Rate of Dollar to Naira Today.
Buying = N304.85.
Selling = N305.85.
If yous desire to know how the Nigerian currency Naira is performing today against other hard currencies similar the US dollar ($), European Pounds (€) in addition to Euro (£) inwards the dark marketplace in addition to CBN exchange rate. Here is a consummate article on naira to dollar (usd) rates.
Here yous tin too larn how to convert dollar Naira (ngn). Something similar how much is dollar to naira today May 2018. I am sure enough that’s 1 of the most asked questions correct instantly inwards the terra firma because of the economical province of affairs which is affecting everyone inwards 1 way or the other.
How Much is Dollar to Naira (Convert USD to Naira) Today.
Below are the daily updated telephone commutation charge per unit of measurement dollar Naira Exchange Rate today. It volition assist yous convert 1 dollar to naira easily.
Dollar to Naira Bank Rate Today.
Buying = N305 – 320 Naira.
Selling = N367 – N400. This varies with banks.
Western Union Dollar to Naira Rate.
Sending = N373.
Receiving = N353.23.
Money Gram Dollar Naira Rate.
Sending = N375.
Receiving = N349.68.
current dollar to naira telephone commutation charge per unit of measurement inwards dark market. You tin too banking concern check Euro to Naira charge per unit of measurement today inwards the dark marketplace in addition to interbank
Numerous Nigerians take away hold been bespeak these questions for years next the weakening of the Naira. The drib inwards value of Nigerian currency was visible to my swain terra firma men around belatedly 2015.
This visibility was every bit a final result of hike inwards cost of goods in addition to services similar nutrient stuffs, fuel in addition to another daily needs.
It became compulsory for importers, exporters, online shoppers, freelancers, stock in addition to forex traders to go able to convert 1 dollar to naira using the electrical flow dollar charge per unit of measurement to naira.
Confusing Terms (FAQs) About USD to Naira Exchange Rate Explained.
Price of dollar to naira changes with dissimilar fiscal institutions in addition to platform. Therefore in that location are some damage concerning telephone commutation charge per unit of measurement that i demand to familiarize yous with.
What is;
i.) Exchange Rate Dollar Naira.
This is the equivalent amount of 1 dollar inwards Naira. As at the fourth dimension of writing this article, 1 dollar = 361 Naira. Therefore telephone commutation charge per unit of measurement dollar to naira is 361 Naira.
The same affair become for damage similar dollar to naira, 1 dollar to naira today, convert usd to naira.
But when it goes similar telephone commutation charge per unit of measurement of naira to dollar, therefore it is the other way round. They human face yous to convert 1 Naira to dollar. Which is 1/361 = 0.00277 dollar.
But hither inwards Nigeria, nobody cares nigh the structure of the statement. Naira to dollar in addition to dollar to naira agency the same thing.
ii.) Black Market Exchange Rate.
This tin go utilisation interchangeably with aboki fx rate. It is the telephone commutation charge per unit of measurement of 1 usd to naira on the street.
Black marketplace agents are to a greater extent than oftentimes than non Abokis. So the charge per unit of measurement they purchase in addition to sell dollar inwards telephone commutation for naira is called dark marketplace rate.
iii.) CBN Rate.
CBN is an acronym for Central Bank of Nigeria. CBN charge per unit of measurement is the amount inwards Naira they are buying or selling 1 dollar. Parallel marketplace charge per unit of measurement tin go used inwards its place.
iv.) Bank Rate.
Sometimes cite to every bit Nigerian banking concern telephone commutation rate. It is how much Nigerian banks volition accuse your naira original or visa carte when yous utilisation it to purchase something on unusual sites that operates inwards dollar.
This charge per unit of measurement varies with dissimilar banks inwards Nigeria but unremarkably higher than cbn charge per unit of measurement in addition to lower than dark marketplace rate. Though it tin go the same or fifty-fifty higher for some banks.
v.) Buying & Selling Rate.
I maintain proverb buying in addition to selling right?
Well buying or purchase charge per unit of measurement is the amount inwards Naira cbn, abokis, western union, moneygram or banks volition give yous for 1 dollar.
Selling or sell charge per unit of measurement on the other mitt is how much inwards naira banks, cbn, western union, moneygram or aboki volition collect/charge yous for a dollar. This charge per unit of measurement is ever higher than the purchase rate.
It is vital yous know in addition to empathize all these damage acre converting dollar to naira on dissimilar fiscal platforms.
Looking dorsum at the dollar naira telephone commutation charge per unit of measurement history, it shows the NGN has non been doing great. The charge per unit of measurement was 1 $ = northward 1 inwards 1988, 1 $ = N21.89 inwards 1999, today (2018) the charge per unit of measurement is 1$ = 361 Naira.
Currently, 1 USD = 361 Naira.
1000 dollars to naira = 361 x one one thousand = 361,000 Naira.
100 dollars to naira = 361 x 100 = 36,100 Naira.
How does that hand in addition to touching on Nigerians? Continue reading.
How Depreciating Value of Naira Against Dollar is Affecting Nigerians (Home & Abroad).
In my ain personal opinion, Nigeria’s electrical flow economical work arises every bit a final result of having only 1 major exportable product, which is petroleum. Our economic scheme is affected every fourth dimension oil cost falls per barrel inwards the basis market.
If nosotros tin diversify in addition to railroad train our Agricultural sector again, information technology industries in addition to Chemical industries to a major sector managed past times the Federal Government competent individual companies.
There is high probability inflation volition trim back in addition to dollar naira telephone commutation charge per unit of measurement volition go to a greater extent than favorable for an average Nigerian. Let’s take away hold a human face at some of those effects.
1.) Importation.
Fall inwards the value of Naira is an unfavorable circumstance for the importers. Since what used to cost them N100,000 to import into the terra firma instantly cost N200,000 naira.
These volition leads to increment inwards selling cost which mightiness makes people turn down to purchase in addition to inwards plough hurts their sales.
If they go along similar this, their concern mightiness collapse on the long run. This is 1 of the con of the electrical flow naira telephone commutation rate.
2.) Traveling.
A perfect event of the how the depreciating naira is affecting Nigerians is the payment for Hajj inwards 2016 in addition to 2017. Hope it won’t hand 1 time to a greater extent than inwards 2018.
Some Muslim brothers in addition to sisters are finding it hard to consummate the concluding stage of Pillars of Islam because of unfavorable dollar naira telephone commutation charge per unit of measurement inwards diverse Nigerian banks.
Since non chop-chop mitigated, it too affected the Jerusalem Pilgrims in addition to citizens that intend go for Christmas or New year’s opor-garai at the terminate of the year.
3.) School Fees Payment.
Another bad number of the electrical flow weakening of Nigerian naira is the increment inwards the expenses of Nigerian parents with kids abroad. They take away hold to alter lot of Naira to few Dollars to carter for the needs of their wards exterior the country.
4.) Other effects of a rising dollar in addition to falling naira is on Nigerian stock markets, SMEs collapsing on the long run etc.
Factors Influencing How Much is Dollar to Naira Today.
1.) Political Instability.
Nigeria’s electrical flow political instability caused past times crisis alongside political parties, Terrorism inwards the Northern purpose of the country, extremely depression daily powerfulness render etc are driving away unusual investors.
Investors from unusual countries human face for stable countries with potent economical functioning to invest their capital.
If unusual investors tin settle inwards Nigeria, they volition take away hold to merchandise inwards our local currencies which agency they volition take away hold to purchase Naira with their Dollar in addition to inwards plough increases the value of Naira.
2.) Importation in addition to Exportation.
As i said before inwards this article, Petroleum takes to a greater extent than than 3/4 of our exporting products, leaving merely nigh 20% for agricultural products, chemicals etc.
On the other hand, Nigeria imports nigh anything possible to the terra firma which increases the demand for dollar in addition to therefore depreciation of Naira. Higher importation in addition to lower exportation is non skilful for whatever economy, Nigeria included.
Nigeria every bit a terra firma demand to reach to a greater extent than exportable products in addition to trim back the per centum of importation.
3.) Free Fall of Oil Price.
Since Nigeria depends exclusively on the revenue generated from oil exportation, our economic scheme is affected anytime in that location is autumn inwards oil cost inwards the basis market.
This lone shapes Nigerian telephone commutation rate. Naira Dollar telephone commutation charge per unit of measurement today is highly affected past times fluctuating cost of oil per barrel inwards the basis market.
4.) Other USD ($) to NGN (N) telephone commutation charge per unit of measurement influencing factors are Government policy, Nigerians obsession with unusual products, Inflation, Public debt in addition to Current-Account deficits.
History Of Naira, The Nigerian Currency
Banknotes. On Jan 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 in addition to xx naira. The 50 kobo notes were finally issued inwards 1989. … It is a shimmery gilt colour showing one one thousand naira.
The official currency, currently used inwards Nigeria is called the Nigerian Naira, which was subdivided into 100 Kobo.
Before the introduction of the Nigerian Naira in addition to Kobo, which was inwards the yr 1973, the pound was the currency of Nigeria in addition to was used betwixt 1907 in addition to 1973. Prior to this time, Nigeria had used diverse forms of money including cowries in addition to manilas.
It was non until the yr 1958 that Nigeria used the British West African pounds that it issued its ain currency. The pounds was subdivided into xx shillings, each of which was 12 pences. Back then, the Nigerian pounds was at parity with the British pounds with slow convertibility. It was replaced with the introduction inwards 1973 of the decimal naira at a charge per unit of measurement of 1 pound = ii naira. This novel alter made Nigeria the finally terra firma to abandon the £sd currency system.
In 1959, coins were issued inwards denominations of ½, 1, 3 in addition to half-dozen pence respectively in addition to inwards 1 in addition to ii shillings. The ½ in addition to 1 penny coins were bronze in addition to holed. The 3 pence money which was minted inwards nickel-brass was a smaller version of the distinctive twelve sided iii penny bits that was used inwards the UK, Bailiwick of Jersey in addition to Fiji.
Bank Notes
There was emergency issues made past times the regime inwards the yr 1918 presenting denominations of 1, 10 in addition to xx shillings. By 1959, the Central Bank of Nigeria introduced notes inwards denominations of 5 in addition to 10 shillings, including 1 in addition to 5 pounds.
Three serial of notes were issued, inwards 1958, 1967 in addition to 1968 respectively.
Nigerian Currency Symbol in addition to Sign
Following the introduction of novel currency – the Naira in addition to Kobo every bit the legal tender inwards 1973, the Kobo was the outset to go widely used inwards the country. There was sure enough unique symbols in addition to signs that distinguished the currency.
- The Naira has the sign ” ₦ ”
- The Kobo was signed ”K”
There was 5 denominations of the Kobo which were 1/2k, 1k, 5k, 10k in addition to 25k inwards 1973 in addition to past times the yr 1989, the 50K in addition to N1 notes were changed to coins.
Today inwards Nigeria, the Kobo coins take away hold been phased out because its value tin no longer purchase items inwards the country’s marketplace.
The Naira in addition to Naira Sign
The Nigerian Naira, code “NGN” in addition to signed with the symbol “₦” was released inwards notes inwards the yr 1973 which included the 4 dissimilar denominations: ₦1, ₦5, ₦10 in addition to ₦20.
Introduction of Major Naira Notes
- In the yr 1991, the ₦50(naira) banker's bill was non introduced to the country.
- After this was followed past times the introduction of the ₦100(naira) banker's bill wad introduced inwards 1999.
- The 200 naira banker's bill came into existence inwards the yr 2000.By 2001, 500 naira notes were introduced.
- And final, the Nigerian Naira highest denomination ₦1000 banker's bill was released on Oct 12, 2005.
Along the line, some notes were later phased out, others were redesigned.
The Worth of Nigerian Naira
By the fourth dimension the naira was introduced on 1 January, 1973 to supersede the pound, it was at a charge per unit of measurement of ii naira = 1 pound. And past times the yr 2008, in that location was a computer programme to redenominate the naira at 1 novel naira = 100 former naira but the computer programme was suspended.
There has been a rampant occurence of inflation inwards Nigeria over the existence of naira.
The Central Bank of Nigeria increased cardinal involvement charge per unit of measurement for half-dozen times, rising from 6.25% to 12% inwards 2011 in addition to on 31 Jan 2012 decided to maintain the cardinal involvement charge per unit of measurement at 12%, to trim back the impact of inflation every bit a final result of the reduction inwards fuel subsidies.
On xx June 2016, the naira was allowed to float, after existence pegged at 197 to the US dollar for several months.
As of now, the official charge per unit of measurement of the US dollar to the Nigerian naira is 1 US dollar = 314.7500 Nigerian nairas. Naira telephone commutation charge per unit of measurement inwards dark marketplace is unstable in addition to excessively high. As at the fourth dimension of this writeup, 1 US dollars is equivalent to 506 Naira inwards dark market, lagos rate.
That’s all folks on how much is telephone commutation charge per unit of measurement of dollar to naira cbn in addition to dark marketplace 2019.
Ref: Wikipedia, financialwatchngr
