How Much Is 10 Dollars In Naira

How Much Is 10 Dollars In Naira – This is the dollar/naira rate news in the official and black exchange rate Today is October 15, 2021.

Read Naija News update on black market rates, Bureau De Change (BDC) rates and CBN rates as well as official dollar rates.

How Much Is 10 Dollars In Naira

How Much Is 10 Dollars In Naira

The naira/US dollar exchange rate opened at ₦415.09/$1 on Friday, October 15 after closing at ₦422.07/$1 on Thursday, October 14, 2021, according to FMDQ Stock Exchange data, where Forex is officially traded.

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Today, Friday, October 15, the one dollar to naira exchange rate opened at N568.00 to $1 on the Lagos parallel market (black market).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) as it has directed individuals who wish to trade Forex to contact their respective banks.

The naira to US dollar exchange rate closed at N422.07/1 on October 14, 2021, a change of N1.68 from opening at N$413.50 on Thursday October 14, 2021.

Naija News reported that forex turnover for Thursday October 14 dropped to $141.94 million compared to $306.77 million on Wednesday October 13, 2021.

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Friday September 16, 2022 2023 Top Nigerian Newspaper Headlines: Governor Tambuwal PDP Appears National Campaign Management Directorate General of National Campaign Management (Full List) Jonathan Minna Meets IBB, Abubakar 2023: Tinubu Campaign Council Responds to Survey Peter Obi’s Obicast’s Obi220y Forey: Forecast Ahead Tinubu Chairs National Security Council Meeting in Atiku and Others Voter Survey [Photos] Since 1986, the relationship of the Nigerian naira to the US dollar (and other foreign currencies) has been volatile, (unpredictable), violent and heartbreaking, full of disappointments . tears. Resident dysfunction has also made many people very rich.

The aim of this thesis is to trace the history of how currency management in Nigeria got to the point where the naira exchange rate became a deeply political issue.

How Much Is 10 Dollars In Naira

The current debate continues to revolve around whether Nigeria should devalue the naira. But what if devaluation is the answer to a non-existent question?

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In September 1986, the SFEM was introduced as part of the IMF reform package that General Ibrahim Babangida (IBB) had to accept in the wake of the turmoil Nigeria had managed to find itself in. Before that, from the 1970s to the early 1980s, the naira was trading at something like $1 per 90 kobo. When the IBB left office in 1993, the naira was ranging from 17 naira to 1 dollar. During this period, bureaucracy was introduced into the economy.

The speed at which the naira has depreciated in those few years explains why Nigerians will never forget the idea of ​​a strong currency as a sign of a “strong” economy. People just remember that things got worse when the naira lost ground against the dollar. Even worse, the supposed industrialization of the weaker exchange never happened.

From the day Abacha seized power to the day he died on June 8, 1998, the “official” exchange rate of the naira to the dollar remained unchanged at 22 naira to 1 dollar for almost five years. The Autonomous Foreign Exchange Market (AFEM) was introduced in 1995 as a way for the Central Bank of Nigeria (CBN) to sell forex to end users at “market” rates.

But declaring that the naira is between 22 naira and 1 dollar is one thing. Being able to please everyone who wants to buy dollars at that price is another. With oil prices below $20 a barrel during this period, only very limited amounts of dollars were available (helped by those left behind).

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The official rate remained at 22 naira while the naira was trading between 88 naira and $1. At that time, many banking fortunes were created that remain to this day.

This rigid exchange rate gave birth to a phenomenon that is a constant today – the mainstream of the foreign exchange black market. At one point, the naira was trading between 88 naira and $1, while the official rate remained at 22 naira. Bankers found what they called a “blended” rate. Suppose a client requests $1 million from his bank, the bank inflates it to $10 million and then passes the request to AFEM, knowing that the CBN will never approve the entire request. Everything from the CBN was then “mixed” with the rest from the black market.

It goes without saying that if the black market rate was four times the official rate, people would make an absolute fortune on arbitrage. Many of the banking fortunes that remain in Nigeria to this day were created during this period. It was a sweet job.

How Much Is 10 Dollars In Naira

The Interbank Foreign Exchange Market (IFEM) was introduced under Joseph Sanusi. Given how badly Nigeria’s reserves were depleted in the two years before it took over, the naira would never have survived very long at the “military fiction” rate of 22 naira. Within a year, the naira was trading at 85 naira, but this time the black market gap has narrowed significantly from 105 naira to $1 – especially compared to what it was under President Abacha.

A Blue, Purple And Green One Thousand Naira Note From Nigeria Paired With A Purple Ten Dollar Bill From Canada. Stock Image

In addition to low oil prices, Nigeria has been struggling to pay off its $33 billion foreign debt, which has drained the valuable currency.

Everything we see today was also tried under Sanusi. When the Naira came under pressure, it suspended IFEM for six months and also put a cap on the margin (above the CBN rate) at which banks could sell their forex. The current governor Godwin Emefiele is doing the same today.

Attempting to “control” the exchange rate again brought all sorts of fun games. Since the rate at which the banks could sell their forex was fixed, in IFEM they kept that rate, but then received an additional payment outside the system to cover the gap with the “real rate” at which they actually sold. Some bankers have called this game ‘NIBSS and Drafts’, which means you pay the official rate through NIBSS (Nigerian Interbank Settlement System) but settle the difference with a bank draft.

When oil prices started to rise, Nigeria borrowed $18 billion from the Paris Club. It was like being in heaven.

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Forex reverse games have evolved. Nigeria had all kinds of banks, at one point there were about 90. Licenses were cheap and you could recoup the cost of the license within a year of the return trip. It was a win-win deal. Banks also establish foreign entities that help their clients move money abroad. The now-defunct bank regularly rewarded its employees with Volkswagen Jettas for outstanding performance. The joke in banking circles back then was that the Jetta always was

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My name is Dzikri Azqiya. Admin from saskana.info which was born in 2016. This site is about technology. There are 3 main themes discussed.

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