How Much Is 1500 Dollars In Naira – ABUJA, May 14 () — Nigeria allowed the naira to weaken to a record low against the dollar on the official market on Friday, traders said, in what they said could be a move by the central bank to consolidate the exchange rate. .
After trading in the 380-381 band against the dollar since July last year, the naira hit an all-time low of 419.75 against the dollar on Friday. It then closed at 411.25 – the naira’s last closing rate on the OTC market.
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The central bank did not return calls for comment and there was no quote on the official naira rate as of Tuesday.
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“What the central bank is saying is that the over the counter (OTC) rate is the official rate because it is the most traded,” said a foreign exchange trader at a major bank in Nigeria.
Nigeria operates multiple currency systems that hinder businesses and have prompted calls for the World Bank to equalize rates to attract investment.
Increased demand for the dollar put pressure on the naira as currency providers such as overseas investors pulled out after the Covid-19 pandemic pushed global oil prices lower.
Central Bank Governor Godwin Mphile said in February that the currency was trading at 410 naira on the official market, although the government uses that rate for its business as it seeks revenue from the sale of crude oil.
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The central bank wanted to unify the rates and increase the dollar supply through direct interventions. In his first dollar sale to foreign investors this year, he raised the naira futures rate last month to ease pressure on the currency after the 150-day futures contract was quoted at 435.81 naira.
The bank is scheduled to hold an interest rate setting meeting later this month, and economic statistics on first-quarter inflation and growth are expected to begin next week.
It has kept rates on hold to support the slowing economy through lower oil prices and the impact of the Covid-19 pandemic, but the lack of dollars is helping to boost inflation, a key concern of the central bank. Nigeria is often called the “giant of Africa”. The name derives from the vastness of its land, the diversity of its peoples and languages, its huge population (the largest in Africa), and its oil and other natural resources.
Nigeria is a collection of distinct regions including deserts, plains, swamps, mountains and steamy forests. The country has one of the largest river systems in the world, including the Niger Delta, the third largest delta in the world.
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Most of Nigeria is covered with plains and savannas. These tropical grasslands stretch as far as the eye can see, with trees and shrubs dotted here and there. The southwestern plains are home to the Yoruba people, who have lived there for thousands of years.
At least 250 languages are spoken in Nigeria and probably more than 400. Music and art originate from strong tribal roots and are widespread throughout society.
At least 60 percent of Nigerians live below the poverty line, on less than one dollar a day. The unfair distribution of the country’s oil wealth as well as political, ethnic and religious conflicts have put pressure on the Nigerian society.
At the top of the southern mountains of Nigeria, the slopes are covered by dense rainforest. Green plants grow everywhere, broken by the colorful sparks of flowers, fruits, birds and butterflies. This is where the rare western lowland gorillas, once thought to be extinct in Nigeria, are found.
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Nigeria’s diverse landscape makes it ideal for a wide variety of flora and fauna. Many species live nowhere else on Earth. Unfortunately, there are not many national parks in Nigeria and many species are endangered due to competition for space on the list.
Years ago, the plains of Nigeria were full of giraffes, elephants, lions, cheetahs and large herds of antelopes. Today, most of these animals have been killed by hunters or their habitats have been destroyed.
Since Nigeria’s independence from Britain in 1960, it has endured three corrupt leaders and occasional military rule. In 1999, the country adopted a new constitution and held the first democratic elections in 20 years.
Nigeria is politically and economically the most important country in West Africa. This country is richer than other West African countries and has considerable power.
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The most important export of Nigeria is oil, more than half of which is sent to America. Rubber and cocoa (for chocolate and cocoa) are important export products.
Although the country of Nigeria is relatively new, the history of the region goes back thousands of years. The city of Nok in central Nigeria was once home to a culture that existed more than 2,000 years ago. Archaeologists have found many of his clay carvings.
Hundreds of thousands of years before the Nook culture, ancient people in Nigeria began making stone tools and eventually learned to farm and keep animals.
In the 1600s, many Africans fell victim to the European slave trade. Millions of people lost their freedom. In the 1800s, the British defeated many of Nigeria’s tribal kingdoms and established the colony of Nigeria. They ruled the country until 1960.
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Our global destination is amazing! It consists of 7 continents known as continents and each of the other continents is unique. From the deserts of Africa to the big cities of Asia, watch as we discover the coolest places and fun facts about each of our continents. FILE – A money changer counts Nigerian currency at an exchange in Lagos, Nigeria, October 20, 2015.
A minister of the Methodist Church of Nigeria revealed that the church paid a ransom of almost a quarter of a million dollars for his release. Gunmen abducted the cleric on Sunday while he was traveling in Abia state in southeastern Nigeria. The payment comes as Nigeria’s president is expected to sign a bill that would make those who pay the ransom punishable by up to 15 years in prison.
The leader of the Methodist Church of Nigeria, Samuel Kanu-Uche, made the announcement in Lagos on Tuesday shortly after his release.
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He was welcomed by a crowd of church members and prayed immediately before the briefing in the church.
Kanu Uche said the church paid about $240,000 in ransom to his kidnappers to ensure his release and the release of the two people traveling with him.
On Sunday, they were ambushed by eight armed men on their way to the airport in Abia State and fired at their vehicle periodically before taking them hostage. The chaplain’s driver and another member of the church escaped from the attack.
Kanu Uche said the kidnappers showed them the rotting corpses of previous kidnapped victims who were unable to pay the ransom and threatened to do the same to him.
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Nigerian authorities have not yet commented on his release. But officials have repeatedly opposed ransom payments to kidnapping victims, saying the payments make kidnappers more powerful.
“If it hadn’t been done, they wouldn’t have been released, security wouldn’t have intervened,” he said. “How effective will this law be when the security agencies are not doing their best? What is the law for those who kidnap and demand ransom?”
Armed groups and criminals have kidnapped hundreds and possibly thousands of people for ransom across Nigeria in the past two years. UNICEF says the number includes at least 1,500 schoolchildren abducted in north-central and north-western Nigeria since the end of 2020.
In an effort to curb these kidnappings, the Nigerian Senate recently passed a law that makes kidnapping payments punishable by up to 15 years in prison.
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Human rights groups and families of kidnapping victims continue to oppose this action. Among them is Abdul Fattai Jimu, the spokesman for the family of passengers who were abducted from a train in Kaduna state in late March.
“This is an unusual bill, in the sense that the law should be enforced in a country where there is such a bill, that when a person is kidnapped, that person must be rescued within 48 hours. Nothing where they can’t,” he said. Avoid paying ransom. Business and economy 3 hours ago Emefiele, CBN boss, Afreximbank boss, Oramah, others under investigation by EFCC, NFIU over $300m deal to acquire Union Bank CBN Governor, Emefiele, Afreximbank boss, Oramah, others Under EFCC investigation, NFIU over $300 million deal to buy Union Bank, details can be…
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