Nigerian Naira No Longer 380 Or 460 Naira Per Dollar, Here Is The New Rate.

5 years ago

Earning

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Naira, monetary unit of Nigeria. The naira is divided into 100 kobo. The naira was introduced in 1973, when the country decimalized its monetary system and substituted the naira for the Nigerian pound (the country used the British pound sterling when it was a British colony).

Forex liquidity improves by 57% as Nigeria's exchange rate at the NAFEX window remained stable to close at N386/$1 during intraday trading on Monday, September 28. Also, the naira remained stable for the third consecutive day, closing at N467/$1 at the parallel market on Monday, September 28, 2020.

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.

As of last 2 years ago the value of Naira was very low it has hit 400 per Dollar as of late 2019 and early 2020 till may the value of Naira was N360. Both parties inherited low dollar rates; and under both, rates spiked. But the Peoples Democratic party (PDP) regime was better than of the All Progressives Congress (APC). I am only trying to unravel the progressive difference between the PDP and the APC.

The Naira remained stable against theâ€¯dollar atâ€¯the Investors andâ€¯Exporters (I&E) window on Monday, closingâ€¯at N386/$1.

This was the same rate that it exchanged for on Friday, September 25. The opening indicative rate was N386.25â€¯to a dollar on Monday. This is about the same rate that was recorded on Friday. The N391.37 to a dollar is the highest rate during intraday trading, before closing at the rate of N386/$1. It also sold for as low as N384/$1 during intraday trading