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The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦767.54 per 1 US dollar. This rate is almost two times different from the illegal black market exchange rate. The Black-Market exchange rate of the naira to the U.S. dollar is approximately ₦752.50 per 1 US dollar.
Many African countries change their currency's appearance when a new government takes power (often the new head of state will appear on bank notes), though the notional value remains the same. Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar ).
The Nigerian Naira notes are the official banknotes of Nigeria, the currency of which is the Nigerian Naira (NGN). The Naira is subdivided into 100 kobo. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender in the country. [ 1][ 2]
The United States dollar ( symbol: $; currency code: USD; also abbreviated US$ to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries.
Black money scam. The black money scam, sometimes also known as the "black dollar scam" or "wash wash scam", is a scam where con artists attempt to fraudulently obtain money from a victim by convincing them that piles of banknote-sized paper are real currency that has been stained in a heist. The victim is persuaded to pay fees and purchase ...
In 2005, Nigeria posted a US$26 billion trade surplus, corresponding to almost 20% of gross domestic product. In 2005, Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency is the naira (NGN). As of June 2006, the exchange rate was about US$1=NGN128.4. As of June 2019, it stands at US$1 =NGN357.
USD/ SEK exchange rate. USD/ CHF exchange rate. The foreign exchange market ( forex, FX (pronounced "fix"), or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging ...
Biafran pound. 1⁄2 shilling coin from 1969; aluminium, reverse. 1⁄2 shilling coin from 1969; aluminium, obverse. This infobox shows the latest status before this currency was rendered obsolete. The pound (symbol £) was the currency of the breakaway Republic of Biafra between 1968 and 1970.