The Nigerian Naira. It should be a common knowledge that the currency of Nigeria is the naira. The naira is the currency of Nigeria. At the investors and exporters forex window, the gap between demand and supply will remain wide, he said. Currency devaluation in a dependent developing economy like Nigeria is “false economics”. Send a cheap Money Transfer to New Zealand, Get a NGN currency data API for my business. Nigeria, Naira. The gap between Nigeria’s official exchange rate and the black-market level narrowed to the least in three weeks after the central bank introduced a measure to increase the supply of dollars to licensed money changers. Currency exchange rates updates every day and use average rates based on Trusted International exchange rate. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. 1 NGN = 0.194830 INR. Nigerian Naira to Indian Rupee Conversion. 1 CNY = 56.8736 NGN. It is subdivided into 100 kobo. From multiple exchanges, to depressed oil prices, shaky economic conditions, dollar scarcity and the new addition, COVID-19. SHARE THIS … It is subdivided into 100 kobo. An economist and former President, Chartered Institute of Bankers of Nigeria, Okechukwu Unegbu, said the naira’s gain is marginal. Below, you'll find Nigerian Naira rates and a currency converter. Euro to Nigerian Naira Conversion. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. The Central Bank of Nigeria is the only bank with the authority to issue legal currency in the Federation. 113000 Nigeria Naira to Ghana Cedi, 113000 NGN to GHS Currency Converter. This page shows a rate of Nigerian Naira for 1 United States Dollar and compare local money of United States and Nigeria. Vanguard (Lagos) By Ibrahim Hassanwuyo. Below, you'll find Nigerian Naira rates and a currency converter. 1973 to present. The fragility of the reserves being used to support the naira and it's revalued rate shows that Nigeria needs to find new ways of earning foreign currency. Last updated: 2020-11-03 16:56 UTC. Nigeria’s central bank directed banks to pay dollars to the beneficiaries of remittances from abroad via international money-transfer operators to boost supply of the U.S. currency. The symbol for NGN can be written N. The Euro is divided into 100 cents. Merkel Seeks to Regain Grip on Virus With Hard Holiday Lockdown, Billionaire Survivor of Ransom, Terror Attacks Rivals Ambani, Sweden’s Covid Workers Are Quitting in Dangerous Numbers, Are Tesla’s Shares Worth $90 or $780? 6 December 2020. It is subdivided into 100 kobo. The Nigerian Naira is the currency in Nigeria (NG, NGA). Naira a dead currency. This is to avoid the hazards of miscalculation and thereby arriving at a value you least or over expected. 1 INR = 5.13268 NGN. And that is where this post is starting from. The naira is the currency of Nigeria. Nigeria's black-market naira level is moving closer to the official exchange rate. Website: http://www.cenbank.org. The currency code for Nairas is NGN, and the currency symbol is ₦. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. The subdivision of the Naira, kobo , is named by a derivation of the English ” copper .” And it was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. NGN is the currency code for the Nigerian naira (NGN), the official currency for the Federal Republic of Nigeria. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. 1 EUR =. Nigeria naira. It has been the same old themes punishing the naira over the past few years. It is subdivided into 100 kobo. This NGN/CAD chart lets you see the relationship between the two currencies several years back in history. XE Currency Converter: 1 USD to NGN = 383.198 Nigerian Nairas. Der Naira (₦, NGN) ist die Währung von Nigeria.Sein Währungssymbol ist ein N mit einem doppelten Querstrich.. 1 Naira unterteilt sich in 100 Kobo (k). It manages the amount of currency in circulation to ensure its stability and value. Our currency rankings show that the most popular Nigeria Naira exchange rate is the USD to NGN rate. This is in line with BusinessDay projection last week that the naira could head to N500 to the dollar this week. All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. Tope Alake, November 20, 2020, 10:27 AM EST Currency at the weakest level in three months on … The local currency had remained stable since Monday, seemingly unaffected by the Central Bank of Nigeria’s (CBN) rate unification actions in recent days. Wall Street Can’t Decide, A Stock Trader’s Guide to the Global Covid Vaccine Rollout. 0.194830 INR. All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. View current exchange rates for the pair United States Dollar (USD) and Nigerian Naira (NGN). Goldman Sachs Group Inc. said last week it would take an exchange rate of 600 naira per dollar for Nigeria to generate a healthy current-account surplus at today’s oil prices. Click on a currency code to learn about it. The Naira is subdivided into 100 kobo. Have a confidential tip for our reporters? The naira is the currency of Nigeria. 56.8736 NGN. All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. The apex bank explained that the "Ajami inscriptions" on the naira notes date back to the colonial era "and they do not imply that Arabic is an official language in Nigeria". The currency code for Nairas is NGN, and the currency symbol is ₦. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. Last updated: 2020-11-03 05:46 UTC. NGN Exchange Rates ; Central Bank of Nigeria; Historical Exchange Rates For United Arab Emirates … The symbol for EUR can be written €. Nigeria’s Naira Gains in Parallel Market as Dollar Supply Rises By . The low greenback liquidity at the official exchange window, where the central bank maintains a largely inflexible rate, has increased demand in the parallel market where the rate is freely determined. The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira = 1 pound. Our currency rankings show that the most popular Nigeria Naira exchange rate is the USD to NGN rate . The apex bank had on Tuesday adjusted the exchange rate at the official window by […] The Naira is the official currency of Nigeria. 1:19. 1 NGN =. XE Currency Converter: 1 EUR to NGN = 461.121 Nigerian Nairas. With the current rate, naira has lost N140 year-on-year when compared with N360 it stood in November 2019 … Although it has been on a steady fall against the US dollar and other foreign currencies in recent times, it had a bright beginning, exchanging for N1 to 99 cents and 68 Pence in the 1970s to early 80s. It is very important to have proper knowledge of the current exchange rates of the currency you intend trading with (e.g Dollar, Pound or Euro) and that of the Nigerian Naira. Recipients were paid the naira equivalent previously. The Nigerian Naira is divided into 100 kobo. The Nigerian currency is the Naira. Chinese Yuan Renminbi to Nigerian Naira Conversion. It is subdivided into 100 kobo. Nigerian Naira exchange rates and currency conversion. Nigeria currency (NGN). 1 NGN = 0.00216863 EUR. Track Naira forex rate changes, track Naira historical changes. Directory of best currency transfer providers, compare to exchange rates when sending money from Nigeria Nigeria Currency - Nigeria Naira (NGN) ☛ Nigeria Naira (NGN) Exchange Rates and all-in-one currency converter. Central Bank of Nigeria 1 NGN = 0.0175829 CNY. But when Nigeria dropped the colonial heritage currency for the Naira and Kobo, the Ajami inscriptions remained on the Naira banknotes while the Star of … Economy . Er wurde 1973 eingeführt und ersetzte das nigerianische Pfund.Zu Zeiten des Ölbooms der 1970er Jahre war der Naira eine international beliebte Währung mit Umtauschkursen von bis zu 2 US-Dollar für einen Naira. You can also subscribe to our currency newsletters with daily rates and analysis, read the XE Currency Blog, The Nigerian Naira is the currency of Nigeria. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter. Nigeria Backtracks on Currency Rules After Naira Weakens By . Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. NGN Nigerian Naira Country Nigeria Region Africa Sub-Unit 1 Naira = 100 kobo Symbol ₦ The naira is the currency of Nigeria. Last updated: 2020-12-07 20:02 UTC.