US Dollar to Naira exchange rate is ₦500 in Nigeria today, December 01, 2020. It's known locally as a buck or greenback. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country. Local demand for dollars by manufacturers had risen to more than $1.16 billion on the back of outstanding obligations as at the end of second quarter, even as … Your email address will not be published. READ: Naira stabilizes at black market as external reserve rises by $515 million in 12 days. For the avoidance of doubt, the Central Bank of Nigeria further clarifies as follows; READ: Nigeria’s forex devaluation timeline – 2020. The exchange rate disparity between the parallel market and the official market is about N80.83, representing a 17% devaluation differential. This site uses Akismet to reduce spam. READ: The dangling fate of indigenous oil upstream operators. Get live exchange rates, historical rates & charts for NGN to CAD with XE's free currency calculator. Also, the naira continued to remain stable against the dollar, closing at N475/$1 at the parallel market on Tuesday, December 15, 2020, as demand pressure reduces. He has worked in research and marketing departments of three top commercial banks. Also, the Naira appreciated significantly against the dollar, closing at N470/$1 at the parallel market on Thursday, December 3, 2020, as the CBN’s series of new policies on forex market seems to be having a significant impact on the black market. This increment in the exchange rate corresponds to a 3.52% rise for USD since last week. With the insistence of the apex bank on its earlier directive, it means that Nigerians living in the diaspora can transfer foreign currency to their relatives and loved ones in the country, who in turn will withdraw the money in dollar cash and sell anywhere they so desire. You can know how to convert tbc to naira as you continue to read. Rates are based on real time exchange rates. Get live exchange rates, historical rates & charts for NGN to GBP with XE's free currency calculator. The number of subscriptions to DND service hit over 30 million as the service empowers Nigerians to be able to protect themselves from the menace of unsolicited text messages and calls. Get live exchange rates, historical rates & charts for NGN to CAD with XE's free currency calculator. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. Fellow N/L,GEJ is planning of using 16.4 billion to celebrate our 50th indipendence, there are 150 million people in nigeria, if one billion naira is taken out of that 16.4 billion and to be shared among 150 million people, how much do you think each individual will get? Nairametrics reported on Wednesday that the government may have taken receipt of the $1-1.5 billion World Bank Loan. NGN - Nigerian Naira. The President will also commission the Warri-Itakpe standard gauge rail line, running through Kogi, Edo and Delta States. READ: FIRS hits 98% of target as it collects N4.95 trillion for 2020 fiscal year, READ: Naira falls at black market despite over 100% improvement in dollar supply, READ: Naira falls at NAFEX window despite 56.6% improvement in dollar supply. FG has stated that the Kano-Maradi rail would be completed in 36 months. READ: Naira depreciates at black market as demand pressure in forex market intensifies. It also sold for as low as N390/$1 during intra-day trading. Also, view Naira to Dollar currency charts. The naira appreciated against the dollar to close at N470/$1 on Thursday at the black market. 5,144.43 US Dollars. Your email address will not be published. Digital transformations as well as AfCFTA are considered necessary for the fast recovery of the African economies. This was disclosed by the media aide to the President, Bashir Ahmad, after the FG signed a Memorandum of Understanding (MoU) with Mota-Engil Group on the construction of $1.959 billion dollars Kano-Maradi Standard Gauge Railway lines. The exchange rate for the Nigerian Naira was last updated on January 20, 2021 from Yahoo Finance. The 3G and 4G base transceiver stations deployed in Nigeria in the last 5 years increased from 30,000 to 53,460. 5,144.43 US Dollars. According to a report from Reuters, the naira is expected to remain stable in the coming week as currency traders watch for policy details at CBN’s first MPC meeting in 2021. Nigeria and China agreed on a currency-swap worth $2.4 billion to boost commercial ties and reduce the need to use the dollar in bilateral trade. 45billion usd ×350naira=15.75trillion naira That they will embezzled loan servicing payments is already upto 99% of revenue. Currency conversion rates from U.S. Dollar to Nigerian Naira today Wed, 20 Jan 2021: convert from USD to NGN and also convert in a reverse direction. Rates are based on real time exchange rates. The apex bank’s reaction follows the contravention of its earlier directive that all diaspora remittances must be paid to the beneficiaries in dollars. The CBN warned that strict sanctions, including withdrawal of operating licenses, shall be imposed on any individuals and/or institutions found to be aiding, abetting or directly contravening these guidelines. READ: Nigeria faces prolonged exchange rate crisis as oil prices remain stuck at $40, The exchange rate at NAFEX trades at N415/$1 during Intra-day trading NAFEX as forex turnover rises by 233% rise. Dec 21, 2011 – Corruption: 2 Billion Naira Disappears From Maurice Iwu’s Abuja Home Before we start the fully gist, the question on everyone’s mind is. The opening indicative rate was N392.50 to a dollar on Thursday. Currency conversion rates from U.S. Dollar to Nigerian Naira today Wed, 20 Jan 2021: convert from USD to NGN and also convert in a reverse direction. The external reserves have increased by $1.09 billion since December 31, 2020, when it closed the year at $35.3 billion. Oil price on the bench mark of 50 dollar per barrel. Tag: 2 billion Naira Looters Of Our Common Wealth Must Be Prosecuted – Falana ... has thrown his weight behind the ongoing probe into the two billion dollars arms deal that has thrown up … Seplat had appealed the December 24, 2020 decision of the Federal High Court granting injunctions that, among others, resulted in the sealing of its corporate offices in Lagos. The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N394/$1. READ: Naira strengthens at NAFEX window despite 38% drop in dollar supply. Nigerian Liquefied Natural Gas (NLNG) has sought the sum of $2 billion from commercial banks to … @op. Initial USD rate was noted as ₦475 at the beginning of this week on Monday, January 18, 2021. Naira Marley is married to two wives and currently has four children. According to africanews, "For the first year, they paid N80 billion, after paying the initial N50 billion, and they will have to pay for three years until they will complete the N330 billion". The memo reads: “Further to our discussion, you are pleased requested to provide the sum of forty seven million United States Dollars (USD47, 000,000.00) cash out of the Ten Billion Naira (N10, 000,000,000.00) and the balance in Euro to this office for special services,” the memo read in part. The symbol for NGN can be written N. The symbol for USD can be written $. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) READ: Continuous increase in inflation rate may weaken economy – CBN report. Also, the exchange rate at the black market where forex traded unofficially maintained stability at N475/$1. However, during intraday trading, the exchange rate traded for as high as N415.76/$1, sustaining yesterday’s figure which is the highest intraday trading tracked by Nairametrics. 24 of 1991, CBN Decree Amendments 1993,No. This is to boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders. After some months of being under lock and keys, respite came the way of Seplat Petroleum on January 22, 2021 when Hon. This writer’s English is very sub-par, and I mean it. This was the same rate that it exchanged for on Wednesday, December 2. READ: UBS warns Bitcoins could disappear like Myspace. 6.6 naira hassymo5: This assertion is contained in the Foresight Africa 2021 report published by African Growth Initiatives of the Brookings Institution, a non-profit organization devoted to independent research and policy solutions. Current exchange rate US DOLLAR (USD) to NIGERIA NAIRA (NGN) including currency converter, buying & selling rate and historical conversion chart. The Federal Government has revealed that the Kano-Maradi rail would be completed in 36 months and hopes that the 283km railway will also be used for the development of freight and passenger transport, and be integrated with road transport. Forex turnover at the Investor and Exporters (I&E) window increased significantly by 233.6% on Wednesday, January 20, 2021. The local currency had strengthened by about 7.8% within one week in September at the black market, as the CBN introduced some measures targeted at exporters and importers. Access Bank is understood to be grappling with a string of bad loans issued under the defunct Diamond Bank and is now stepping up efforts to go after some of the debtors by obtaining several court orders to seize properties. Our currency rankings show that the most popular Nigeria Naira exchange rate is the USD to NGN rate. Nigeria; Naira gains big at black market as CBN targets $2 billion monthly from IMTO nairametrics.com - Chidi Emenike. 125mill×30days=3.75billion usd. NAFEX: The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N395/$1. Nigeria sold $2.5 billion of Eurobonds as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt. Nnaji. According to africanews, "For the first year, they paid N80 billion, after paying the initial N50 billion, and they will have to pay for three years until they will complete the N330 billion". I often choose not to click through to Nairametrics just at the thought of reading Chike Olisah’s writing. Relationship. This site uses Akismet to reduce spam. The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.304 million according to central bank data dated January 14, 2020. Below shows the current exchange rate of the currency pairs updated every 1 minutes and their exchange rates history graph. I … Before he became HOS in 1983 he was the General Officer Commanding the 3rd Armoured Division Jos. You may contact him via his email- [email protected]. This represents a 17 kobo gain when compared to the N394.17/$1 that it closed on the previous trading day. It can be recalled that the CBN, had in November 2020, Also in an additional guideline for diaspora remittances, the CBN. This was expected to inject more liquidity into the retail end of the foreign exchange market and discourage hoarding and speculation. On January 21, 2021, the exchange rate between the naira and the dollar appreciated closing at N394/$1 at the NAFEX (I&E Window) where forex is traded officially. This is as Nigeria’s external reserves added $1 billion in 15 days to rise to $36.3 billion. An Economic and Financial Crimes Commission investigating officer, Adariko Michael, on Tuesday, alleged that N2.2 billion was spent on prayers in Nigeria and Saudi Arabia to win the war against Boko Haram insurgency in Nigeria. In the same vein, the Bank is also seeking a court order restraining the defendants, that is Seplat, Cardinal Drilling Services Ltd, Mr. Orjiako, Ambrose Bryant, Kalu Nwosu and/or any other person acting through them from taking further steps towards enforcing, executing or giving any effect to the ruling/order of the Court of Appeal pending the hearing and final determination of the appeal it has filed at the Supreme Court. MTN pays additional 30 billion Naira Local manufacturers and other members of the private sector in need of foreign exchange yesterday, reminded the Central Bank of Nigeria (CBN) of about $2 billion … Also, the naira continued to remain stable against the dollar, closing at N475/$1 at the parallel market on Tuesday, December 15, 2020, as demand pressure reduces. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs. Forex turnover also rose significantly by 233.6% as demand puts pressure on the foreign exchange market. The CBN has frowned at activities of some IMTOs and unlicensed companies who continue to facilitate diaspora remittances into the country in Naira. There are fears that the exchange rate at the black market might be under pressure in the coming weeks as importers scramble for dollars to meet their demands. While Naira Marley is estimated to be worth $700,000. The value of 1tbc in naira in today’s market; Leaders should also encourage digital practices on the small-scale in order to encourage widespread usage of digital tools, as in countries like Kenya and Rwanda that have lowered their transaction charges in digital payments towards boosting adoption. I love to read Nairametrics but can’t go through the torture of your language daily. The United States Dollar is divided into 100 cents. Advertisement. ABCON President, Aminu Gwadebe, had blamed the crash of the naira on illegal activities that include hoarding, speculation, illegal cash evacuations through the nation’s borders, use of the dollar for gratification and so on. Forex turnover rose sharply by 173.3%, as the Naira’s exchange rate at the NAFEX window remained stable against the dollar to close at N395/$1 during intra-day trading on Thursday, December 3. The symbol for NGN can be written N. The symbol for USD can be written $. “I need dollar equivalent of 2.5 billion naira,” he said. It went further to say that it shall not hesitate to authorize the closure of the accounts of unlicensed operators in Nigerian banks, including being barred from accessing banking services in Nigeria. Convert 1 Nigerian Naira to British Pound. This represents an 82 kobo gain when compared to the N393.35/$1 that it closed on the previous trading day. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. “The total cost of construction of the Ibom Deep Seaport is 4.6 billion dollars but the first phase of it is 2.016 billion dollars which was approved on Wednesday Dec. 16 by the Federal Government. The apex bank in the circular said that the measures were intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria. Shagari's regime (1979-1983), incurred Buhari's wrath when it decided to investigate the US$2.8 billion that disappeared from the Midland Bank, London account of the Nigerian National Petroleum Cooperation, (NNPC), during General Obasanjo's era as military head of state that preceded Shagari's. While his company got 2.5 billion naira from the central bank’s coronavirus intervention fund, he has only received $80,000. The United States Dollar is divided into 100 cents. The United States Dollar is also known as the American Dollar, and the US Dollar. Question A House In Uk 1 Million Dollars Or 10 Billion Naira. 2.5mill barrels perday =125million usd. Naira strengthens at NAFEX window despite 61% drop in dollar supply. The poor services currently experienced by many telephony subscribers, especially in areas not sufficiently covered by Base stations, will now be a thing of the past as even subscribers in the remotest rural areas can conveniently receive and make calls and as well as enjoy other subscription services, without hitches. However, Zlatan Ibile is more richer than with $1.1 million dollars in 2020. Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira appreciated against the dollar to close at N470/$1 on Thursday. Exchange rates are updated every 15 minutes. MTN pays additional 30 billion Naira On January 20, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.17/$1 at the NAFEX (I&E Window) where forex is traded officially. Advertisement. Dollar To Naira Exchange Rate. 2.8 BILLION DOLLARS 1978 OIL MONEY WAS TRACED TO GENERAL BUHARI'S MIDLAND NOW HSBC OFFSHORE BANK ACCOUNT THAT WAS WHY HE STRUCK ON DECEMBER 31 1983. Access Bank has expressed its displeasure over the ruling by the Court of Appeal which lifted the Mareva injunction against Seplat Petroleum. 31 million eur to ngn euro why the strong dollar is giving nigeria nigeria naira ngn usd news currency dollars to nigerian naira calculateplus How Much Is 1000000 Naira Ngn To Usd According The Foreign Exchange Rate For TodayIn Nigeria […] New Dollar … In his reaction and comment, the new Perm Sec, Engr. Naira depreciates at black market as demand pressure in forex market intensifies, Naira crashes across forex markets as CBN Governor hits at black market, CBN will continue monetary policy aimed at boosting stock market, FX Turnover spikes 140% at NAFEX market as CBN moves to clear backlog of demand, Naira stabilizes at forex markets as CBN moves to boost liquidity, CBN revokes licenses of 7 Payment Service Providers, More pressure on the naira as Diaspora remittances to drop by 20%, Nigeria’s forex devaluation timeline – 2020, Continuous increase in inflation rate may weaken economy – CBN report, UBS warns Bitcoins could disappear like Myspace, Naira stabilizes at black market as external reserve rises by $515 million in 12 days, Naira strengthens at NAFEX window despite 38% drop in dollar supply, The dangling fate of indigenous oil upstream operators, Nigeria faces prolonged exchange rate crisis as oil prices remain stuck at $40, Naira strengthens at NAFEX window despite 61% drop in dollar supply, FIRS hits 98% of target as it collects N4.95 trillion for 2020 fiscal year, Naira falls at black market despite over 100% improvement in dollar supply, Naira falls at NAFEX window despite 56.6% improvement in dollar supply. 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