How Much Is Dollar To Naira Exchange Rate Today Black Market
The Naira to Dollar exchange rate though pegged at an official rate of N305.5 per $1 had been at what could be described as free-fall in the black market.
Though in recent days it has been fluctuating, currently at a rate of
- N357 – buy per $ 1
- N361 – sell per $ 1
This rate isn’t encouraging, in fact, many Nigerians now spend more buying less, an act that shouldn’t be. I would be highlighting the reasons why it is so. To check this page for any changes in the dollar rate, save or bookmark the link below:
CBN Dollar To Naira Exchange Rate Today: 364.65/365.65 To $1
Exchange Rate Dollar To Naira 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
- August 31/2018 – 357 / 361
- November 31/2018 – 360/362
Currency Conversion On Nigerian Naira Parallel Market Selling Rate (Updating)
- $ 1 = 361
- $ 10 = 3610
- $ 50 = 18050
- $ 100 = 36100
- $ 200 = 72200
- $ 500 = 180500
- $ 1000 = 361000
- $ 10000 = 3610000
TOP 10 INTERESTING FACTS ABOUT DOLLARS
We make use of different currency notes now or later. From the dollars to the Euro, Naira, and others. We make use of them to purchase goods ranging from food items and others, paying bills and do other things.
Do you know that there are actually some facts about the dollars you do not know? surprised right, well this article is about to show you a lot you do not know about the dollar. But before we go through with that, let us break down a little history about the dollars.
On April 2, 1792, the United States Congress created the U.S dollars as the standard unit of money for the country. The word dollar is derived from low Saxton cognate of the High German Thaler. Before the use of the paper money, coins were first in use, the most commonly circulated and readily available currency used by common Americans at that time was the Spanish Peso which was also known as the Spanish milled dollars and this was of much value for its high silver content.
In those days gold and silver traded at a ratio that hardly varied over centuries. It was known as a “Bimetallic” System. In time, gold became the central monetary basis rather than silver. Britain used the monometallic system in 1816, the United States wholly adopted this system until 1900.
The first U.S paper dollar was issued in 1875. The sign on the U.S paper dollar ($) has lots of theories. However, there is one which is widely accepted all over, this was according to the Bureau of engraving and printing that the dollars sign goes back to the Spanish Peso. Now below are some interesting facts about the Dollars.
- Martha Washington America’s first lady once graced the $1 silver certificate. Nowadays the bill could be worth a good chunk of change even more than $1,000 depending on its quality. This was in 1886, 1891, 1896.
- Do you know that the largest bill ever printed was $100,000 bill? It was actually a Gold certificate issued in 1934. These notes were used for transactions between Federal Reserve banks and they were not circulated among the general public.
- Do you know that the U.s currency is not made of paper, it consists of a 75% cotton, 25% linen blend with silk fibers running through it. This is what makes it durable and lasts longer for use ( Still on How Much Is Dollar To Naira Exchange Rate Today Black Market ).
- 90% of paper money in U.s cities holds traces of cocaine in it. Shocking right, not only cocaine, 94% of 68 dollar bills that were tested had bacteria on them. The bacteria on them could cause an infection like Pneumonia and other infections.
- Check the top right corner of a dollar bill, use a magnifying glass just to the left of the top of the “I” there is what appears to be either a tiny spider or owl in the webbing pattern.
- Hope you know that incomplete or a torn dollar bill is not worthless, you can tape 2 halves of a dollar bill together and the bank will replace it.
- You can trace where the dollar bill in your hand has been by using a site called where’s George, just enter the serial number of your bill and the site tracks it. The site has had over 270 million bills entered.
- Do you know that a one dollar bill falls out of circulation on average after 5.8 years according to the Federal Reserve Bank? That’s compared to the $10 bills low 4.5 years lifespan and a high of 1.5 years for the $100 bill.
- Take your $1 bill, look at the eagle on the back. The arrows in the eagle’s left talon represent peace.
- Hope you know that the two words are written above the pyramid logo “Annuit Coeptis” means “Providence Has Favoured Our Undertakings”. “Novus Ordo Seclorum” means “A New Order of the Ages” which refers to our historic form of government. This is below the pyramid.
Some Major Reasons For High Dollar To Naira Exchange Rate Today Black Market
- IMPORTATION IS ON THE HIGH SIDE: Nigeria as a country imports more than it export, which shouldn’t be so. The ridiculous part of the whole scenario is we bring in things like pampers and toothpick making us more of a consumer country rather a producing one. You may think there is nothing wrong with this but a closer look at our economy would show you that we are strengthening the dollars against the Naira since most international transactions are in dollars. We need to become a producing country so we could have more to export aside oil.
- NIGERIANS OBSESSION FOR FOREIGN PRODUCT: In Nigeria, make a quality product and label it ‘made in Nigeria,’ and you would see a low level of patronage. In the other way round, make an inferior product and label it made in US, Italy, Japan or even China and you would see how it would be rushed. This obsession with foreign goods had made our importers import more exchanging our Naira for the dollars which have decreased the value of Naira. This obsession had even gone to another level that we now prefer services rendered by persons from foreign countries who would demand to pay in their currency rather than our own. Nigerians fly out to study outside the country and go for other services like medication, conferences, seminars, etc. It would be better if we can strike a balance in this. There is a recent campaign in Nigeria which is the ‘buy 9ja to grow the Naira,’ many people had not yet accepted it.
- LOOTING OF PUBLIC FUND: Public officers who are supposed to be custodians of our collective wealth had turned around to become the ones looting it. When they loot, they change this money into the dollar and stock them in foreign accounts, this had been the major source of Naira devaluation.
- FALL IN OIL PRICE: It is no news that Nigeria demands largely on oil exports for its revenue and it is also no news that this oil has lost value in the world market in recent years due to various reasons. This had led to a reduction in our revenue which had also affected the Naira. If only we can diversify to grow the Naira.
- GOVERNMENTAL POLICIES: The policies have been made by the Government had been a reason to. Just recently, there had been an outcry from some quarters that the Government had technical devalued the Naira, an allegation that the Government denied. Either way, many foreign investors had lost trust in the economy and had refused to invest. This among other reason had been the reason Naira is depreciating against the dollar.
In conclusion to How Much Is Dollar To Naira Exchange Rate Today Black Market, I would like both the citizens and the Government to give a helping hand to the Naira before it becomes an object of ridicule like the Zimbabwe currency.
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