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Nigerian Naira No longer 389.47 Per Dollar. Here is the new value.

By olawaleolasunkanmi • a week ago • 288 views • 107 comments
Nigerian Naira No longer 389.47 Per Dollar. Here is the new value.

At the advent of democratic rule(Civilian rule) in 1999 under the People's Democratic Party (PDP), the US dollar was sold for N21.89; Under the administration of former President of Nigeria, Doctor Goodluck Ebele Jonathan, Naira was sold at 125 per Dollar, while he met it at 95 per United states one(1) dollar. On May 29, 2015, under the All Progressive Congress(APC) administration it was N199. Since then, Naira value keep on demoting, On 1st January 2016, 1 USD =196.75NGN, on 13th January 2017 1 USD =315.0NGN, in January 12 2018, 1 USD = 357.00NGN, While on the 5th January 2019 1 USD is rated at 365.50.January 16th 2020, 1USD = 365.45NGN.

Nigerian banks limiting how much dollars customers can spend abroad is the latest sign of Nigeria’s worsening foreign exchange crisis.The banks are making moves last seen during the dark days of 2016 when an acute dollar scarcity hobbled the balance sheet of lenders and paved way for a big naira devaluation.

At the black market where forex is traded unofficially; the Naira depreciated by N5 to a dollar to close at N470 to a dollar on Wednesday; as against the N465 to a dollar on Monday another new 3-year low for the Naira. The exchange rate at the beginning of the week was N464 to a dollar. The drop is due to pressure on the black market as a result of scarcity of dollars; especially at the official. This has made most businesses to source for their foreign exchange at the black market.


USD TO NGN


$1 = ₦387.50


$10 = ₦3,874.97


$20 = ₦7,748.94


$50 = ₦19,373.88


$100 = ₦38,748.78


$500 = ₦193,746.88


$1,000 = ₦387,457.77


NGN TO USD


₦1 = $0


₦10 = $0.03


₦20 = $0.05


₦50 = $0.13


₦100 = $0.27


₦500 = $1.30


₦1,000 = $2.59.


BLACK MARKET RATE


BUY 1 DOLLAR =462 NAIRA

SELL 1 DOLLAR =470 NAIRA

STOCK MARKET 1 DOLLAR =387.50

WHAT'S YOUR OPINION ON THIS MATTER?

DO YOU THINK THERE'S A COUNTRY OUT THERE WHERE NAIRA STILL HAVE VALUES?

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