NIGERIA: Daily Parallel Market Exchange Rate (November 2017)
Nigeria’s Parallel Market Exchange rate is a daily compilation of the price of the Naira against three major currencies in the world. This tracker dates from June 1, 2016.
Note: Rates displayed here may be different from rates used in actual trades.
|Date||Currency||Buy (AM)||Sell (AM)||Buy (PM)||Sell (PM)||Volatility|
Dollar to Naira Exchange Rate Today Black Market and Official October 2017.
Bookmark this page for your daily update of how much is dollar to naira exchange rate today both in black market and CBN official rate for 2017. How much Naira to dollar todayexchange rate black market is the same as parallel market exchange rate of 1 Nigeria NGN to US $ and vice versa.
Official rate and cbn rate can be used interchangeably in this context, they are the same thing. The same applies to parallel market and black market.
I won’t like to bore you with irrelevant things, so let’s go straight to the point. Which is the current official/CBN naira to dollar exchange rate today, exchange rate of dollar to naira black market, factors influencing the fluctuation as well as possible solution and how it affects numerous Nigerian.
Problem Statement and Objective of this Article.
Due to continuous depreciation of Nigeria Naira over the past months, numerous Nigerians involved in the importation, exportation, stock and forex trading have to keep themselves updated on the latest/current foreign exchange rate not only between the Dollar and the Naira, but also Euro to Naira exchange rate today black market, Pounds to Naira exchange rate today and each Nigerian bank exchange rates.
Knowing the current/latest exchange rate gives them hedge on if & how they should proceed with a transaction that involves trading in foreign currencies. The objective of this article is to provide you with current dollar to naira exchange rate today in black market as well as cbn exchange rate dollar to naira from December 2016 to October 2017.
Before i proceed, one other thing most Nigerians seems to frequently asked for is what is Foreign exchange? It is simply the means of payment for international transaction.
Dollar to Naira Exchange Rate Today Black Market.
Buying = N360.
Selling = N363.
CBN/Official Exchange Rate of Dollar to Naira Today.
Buying = N304.65.
Selling = N305.65.
Dollar to Naira Bank Rate Today.
Buying = N305 Naira.
Selling = N367 – N400. This varies with banks.
Western Union Dollar to Naira Rate.
Sending = N375.
Receiving = N355.
Money Gram Dollar Naira Rate.
Sending = N378
Receiving = N353.23.
Looking back at the dollar naira exchange rate history, it shows the NGN has not been doing great. The rate was 1 $ = N21.89 in 1999, today (2016/2017) the rate is 1$ = 315 Naira. How does that happen and does it affect Nigerians? Continue reading.
WHAT CAUSES THE INFLATION OF THE EXCHANGE RATE
Looking at what causes this, I came to think that we rely mostly on importing than exporting goods, We rather export toothpick than to create it here in Nigeria, China, Japan and Italy has now been a forward factor when opting in for new products.
In other words, another factor that causes that influence the sudden fall of naira against dollar is Petroleum, Nigeria Main source of income is this, we believed so much in Petroleum and whenever this resource price fall at the world market, Nigeria Naira would follow it.
Nigeria is country blessed with Agriculture Products, Technology is growing faster in the country and we are still developing, If Nigeria can leverage selling Agricultural Products combined with Petroleum, It would be a success for the country.
In short form Nigeria seeks for more dollars compared to naira this is caused by massive importation of Product. To solve this we need to export more products out of the country than importing.
Finally that is it about Dollar To Naira Exchange Rate Today Black Market 2017. Kindly Help by sharing this post to other entrepreneurs out there.