Important to note that the recent devaluation of the naira will increase the naira value of dividends and other government revenue, as it did in 2020. It means they can for instance receive foreign transfers such as Western Union or Moneygram, withdraw it in dollars and then sell at the black market rate or anywhere else they want to. Nigeria is a great place to run a business, whether small scale or large scale, and with 1 to 2 million naira, you can actually invest into certain businesses that will bring about great dividends for you in the long-run so far you can make your findings properly. However, the initial US Dollar rate was noted as ₦483 at the beginning of last week on. Convert 1,000 USD to NGN with the TransferWise Currency Converter. 31 million eur to ngn euro why the strong dollar is giving nigeria nigeria naira ngn usd news currency dollars to nigerian naira calculateplus How Much Is 1000000 Naira Ngn To Usd According The Foreign Exchange Rate For TodayIn Nigeria […] New Dollar … The United States Dollar is divided into 100 cents. On this page convert USD to NGN using live currency rates as of 20/01/2021 11:10. In his reaction and comment, the new Perm Sec, Engr. This appears as a boost to Nigeria as the country’s crude oil price benchmark for 2020 was $40 while it projected an oil production output of 1.8 million barrels per day. Naira depreciates at black market as demand pressure in forex market intensifies, Naira crashes across forex markets as CBN Governor hits at black market, CBN will continue monetary policy aimed at boosting stock market, FX Turnover spikes 140% at NAFEX market as CBN moves to clear backlog of demand, Naira stabilizes at forex markets as CBN moves to boost liquidity, CBN revokes licenses of 7 Payment Service Providers, More pressure on the naira as Diaspora remittances to drop by 20%, Nigeria’s forex devaluation timeline – 2020, Continuous increase in inflation rate may weaken economy – CBN report, UBS warns Bitcoins could disappear like Myspace, Naira stabilizes at black market as external reserve rises by $515 million in 12 days, Naira strengthens at NAFEX window despite 38% drop in dollar supply, The dangling fate of indigenous oil upstream operators, Nigeria faces prolonged exchange rate crisis as oil prices remain stuck at $40, Naira strengthens at NAFEX window despite 61% drop in dollar supply, FIRS hits 98% of target as it collects N4.95 trillion for 2020 fiscal year, Naira falls at black market despite over 100% improvement in dollar supply, Naira falls at NAFEX window despite 56.6% improvement in dollar supply. Despite the CBN intervention, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market. The Nigerian Naira is divided into 100 kobo. Your email address will not be published. Forex turnover rose sharply by 173.3%, as the Naira’s exchange rate at the … There are fears that the exchange rate at the black market might be under pressure in the coming weeks as importers scramble for dollars to meet their demands. It also sold for as low as N390/$1 during intra-day trading. This writer’s English is very sub-par, and I mean it. FG has stated that the Kano-Maradi rail would be completed in 36 months. The symbol for NGN can be written N. The symbol for USD can be written $. The United States Dollar is also known as the American Dollar, and the US Dollar. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. 6.6 naira hassymo5: In the same vein, the Bank is also seeking a court order restraining the defendants, that is Seplat, Cardinal Drilling Services Ltd, Mr. Orjiako, Ambrose Bryant, Kalu Nwosu and/or any other person acting through them from taking further steps towards enforcing, executing or giving any effect to the ruling/order of the Court of Appeal pending the hearing and final determination of the appeal it has filed at the Supreme Court. On January 18, 2021, the exchange rate between the naira and the dollar appreciated closing at N393.83/$1 at the NAFEX (I&E Window) where forex is traded officially.. It has been revealed that Wizkid is worth over 2 billion naira. Forex turnover at the Investor and Exporters (I&E) window dropped by 13.9% on Thursday, January 21, 2021. “The licensed Infrastructure Companies (InfraCos) are also expected to add 38,296km to optic fibre cables when they commence full operations.”. This is as Nigeria’s external reserves added $1 billion in 15 days to rise to $36.3 billion. You can know how to convert tbc to naira as you continue to read. However, the gains appear to have been completely erased with the recent crash of the exchange rate. The President will also commission the Warri-Itakpe standard gauge rail line, running through Kogi, Edo and Delta States. 125mill×30days=3.75billion usd. The N404.91 to a dollar was the highest rate during intra-day trading before, it still closed at N395 to a dollar. The external reserves have increased by $1.09 billion since December 31, 2020, when it closed the year at $35.3 billion. This makes no change for USD rate against Naira this week.. To have a monthly quick review, Dollar was traded at ₦470 at the beginning of January on Friday, January 01, 2021.As of today with Dollar being … Dr. Olusola Saraki, Turaki of Ilorin, was the majority party leader of the Senate at the time and he headed … On January 21, 2021, the exchange rate between the naira and the dollar appreciated closing at N394/$1 at the NAFEX (I&E Window) where forex is traded officially. I … Local manufacturers and other members of the private sector in need of foreign exchange yesterday, reminded the Central Bank of Nigeria (CBN) of about $2 billion … MTN pays additional 30 billion Naira NGN - Nigerian Naira. This they believe will help to stabilize the exchange rate and discourage hoarding. While his company got 2.5 billion naira from the central bank’s coronavirus intervention fund, he has only received $80,000. What Business Can I Start With 1 to 2 Million Naira in Nigeria? Exchange rates are updated every 15 minutes. Cryptocurrency 17 hours ago. The CBN is still struggling to clear the backlog of foreign exchange demand, especially by foreign investors wishing to repatriate their funds. While Naira Marley is estimated to be worth $700,000. Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. US Dollar to Naira exchange rate is ₦500 in Nigeria today, December 01, 2020. The external reserve has risen to $36.464 billion as of January 19, 2021. It's known locally as a buck or greenback. 6.6 naira hassymo5: However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs. He has worked in research and marketing departments of three top commercial banks. Nigeria’s central bank will bolster its support to manufacturing and other key sectors of the economy by 1 trillion naira ($2.7 billion) to counter the fallout of the coronavirus outbreak. Question A House In Uk 1 Million Dollars Or 10 Billion Naira. Local demand for dollars by manufacturers had risen to more than $1.16 billion on the back of outstanding obligations as at the end of second quarter, even as … According to a report from Reuters, the naira is expected to remain stable in the coming week as currency traders watch for policy details at CBN’s first MPC meeting in 2021. The United States Dollar is also known as the American Dollar, and the US Dollar. 2,000,000 Naira is approx. Currency conversion rates from U.S. Dollar to Nigerian Naira today Wed, 20 Jan 2021: convert from USD to NGN and also convert in a reverse direction. READ: CBN revokes licenses of 7 Payment Service Providers, The CBN in its circular said, ‘’Further to our circular titled ‘Receipt of Diaspora Remittances: Additional Operational Guidelines’, it has come to our notice that some IMTOs and unlicensed companies continue to facilitate diaspora remittances into the country in Naira, “in clear contravention of the Central Bank of Nigeria directive that all remittances be paid to beneficiaries in dollars.’’, READ: More pressure on the naira as Diaspora remittances to drop by 20%. The 3G and 4G base transceiver stations deployed in Nigeria in the last 5 years increased from 30,000 to 53,460. 2,500,000.00 NGN = 6,557.38 USD Follow news in the Economic Calendar Currency converter - Light Version Here you are getting today's value of two million and five hundred thousand Nigerian naira to US Dollar . A year ago, on that day, the currency rate US Dollar to Nigerian Naira was: ₦361.853.Since then, the exchange rate has increased by 18.65 NGN (5.15%). Also, the naira continued to remain stable against the dollar, closing at N475/$1 at the parallel market on Tuesday, December 15, 2020, as demand pressure reduces. 2,000,000 Naira is approx. The bank also obtained a Mareva injunction. Festus Yusuf Daudu said: Having more Base Transceiver Stations (BTS) is quite imperative for driving an improved broadband/telecoms service delivery to Nigerian subscribers. Also, view Naira to Dollar currency charts. Advertisement. Nairametrics had earlier reported that the Court of Appeal had suspended the Mareva injunction, and subsequently ordered the opening of Seplat’s corporate offices. From the hard lessons of the COVID-19, African leaders should prioritize scaling up investments in the physical and technological infrastructures needed as impetus for radical digital transformations. Learn how your comment data is processed. Nigeria has a production capacity of 2.5 million barrels per day but is subject to OPEC’s crude oil production cuts, which are expected to help sustain higher oil prices. The N415.76 to a dollar was the highest rate during intra-day trading before it closed at N394 to a dollar. Forex turnover, however, dropped by about 14% as pressure on the foreign exchange market continues. The workforce should be appropriately equipped with the requisite trainings to acquire relevant basic and advanced digital skills that would add values in their businesses, from mobile transactions to graphic design and coding, etc. The currency code for Nairas is NGN, and the currency symbol is ₦. With armour under your command you could launch coups. 1tbc = 1 billion dollars ($1,000,000,000) According to the founders, the value of the billion coin can never go down, only up. The U.S. dollar is the currency most used in international transactions. The solicitors regarded the outcome as an abuse of court process filed to interfere with the due administration of justice. Naira strengthens at NAFEX window despite 61% drop in dollar supply. READ: UBS warns Bitcoins could disappear like Myspace. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. NLNG moves to raise $2 billion to fund Nigeria’s Gas Project. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. This represents a 4 kobo gain when compared to the N392.54 that was recorded on Wednesday. Naira gained slightly against the United States dollar on Monday on the black market as the country’s foreign exchange reserves lost $437 million in the two weeks to 17th December. The fine of $5.2 billion was reduced to $1.7 billion. This site uses Akismet to reduce spam. The United States Dollar is divided into 100 cents. The naira had remained stable at the parallel market in Lagos due largely to the interventions of the CBN. MTN pays additional 30 billion Naira Fellow N/L,GEJ is planning of using 16.4 billion to celebrate our 50th indipendence, there are 150 million people in nigeria, if one billion naira is taken out of that 16.4 billion and to be shared among 150 million people, how much do you think each individual will get? @op. Also, the exchange rate at the black market where forex traded unofficially still remained flat at N475/$1. Seplat had appealed the December 24, 2020 decision of the Federal High Court granting injunctions that, among others, resulted in the sealing of its corporate offices in Lagos. The Central Bank of Nigeria (CBN) has frowned at activities of some International Money Transfer Operators (IMTOs) and unlicensed companies who continue to facilitate diaspora remittances into the country in Naira. Question A House In Uk 1 Million Dollars Or 10 Billion Naira. Initial USD rate was noted as ₦475 at the beginning of this week on Monday, January 18, 2021. The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. I often choose not to click through to Nairametrics just at the thought of reading Chike Olisah’s writing. Tag: 2 billion Naira Looters Of Our Common Wealth Must Be Prosecuted – Falana ... has thrown his weight behind the ongoing probe into the two billion dollars arms deal that has thrown up … Cryptocurrency Unknown address moves 91,010 Bitcoins valued at $2 Billion in block 663,180. However, during intraday trading, the exchange rate traded for as high as N415.76/$1 the highest intraday trading tracked by Nairametrics. The bank is praying that the Supreme Court reinstate the interlocutory orders made by the Trial Court on December 24, 2020, thereby overriding the judgement of the Appeal court en route. Some members of MPC of the CBN have expressed serious concerns over the increasing demand pressure in the country’s foreign exchange market. Your email address will not be published. Let me give you this illustration. An Economic and Financial Crimes Commission investigating officer, Adariko Michael, on Tuesday, alleged that N2.2 billion was spent on prayers in Nigeria and Saudi Arabia to win the war against Boko Haram insurgency in Nigeria. The deployment of the 3G and 4G base transceiver stations (BTS) increased from 30,000 to 53,460, in the last 5 years, While the Fibre Optic Transmission cables expanded from 47,000km to 54,725km, As at November, 2020, active telephony subscribers stood at 208 million with tele-density standing at 108.92%, Active Internet subscriptions of 154.9 million were achieved with broadband penetration rate of 45.07%. This increment in the exchange rate corresponds to a 3.52% rise for USD since last week. READ: The dangling fate of indigenous oil upstream operators. Please, Nairametrics, hire better writers. According to africanews, "For the first year, they paid N80 billion, after paying the initial N50 billion, and they will have to pay for three years until they will complete the N330 billion". The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N394.17/$1. READ: Naira crashes across forex markets as CBN Governor hits at black market, READ: CBN will continue monetary policy aimed at boosting stock market, READ: FX Turnover spikes 140% at NAFEX market as CBN moves to clear backlog of demand. Starboy Entertainment boss, Wizkid reportedly signed the biggest endorsement deal in African music when he penned down a deal with United Bank for Africa in 2019. Initial USD rate was noted as ₦475 at the beginning of this week on Monday, January 18, 2021. Nobody is calling dasuki a saint but we want a clear seperation of propaganda from facts. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Dollars to Nigerian Naira charts. “I need dollar equivalent of 2.5 billion naira,” he said. More Nigerian Naira info > The naira had remained stable at the parallel market in Lagos due largely to the interventions of the CBN. According to africanews, "For the first year, they paid N80 billion, after paying the initial N50 billion, and they will have to pay for three years until they will complete the N330 billion". The Federal Government has revealed that the Kano-Maradi rail would be completed in 36 months and hopes that the 283km railway will also be used for the development of freight and passenger transport, and be integrated with road transport. The exchange rate disparity between the parallel market and the official market is about N80.83, representing a 17% devaluation differential. Exchange rates are updated every 15 minutes. The apex bank in the circular said that the measures were intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria. Leaders should also encourage digital practices on the small-scale in order to encourage widespread usage of digital tools, as in countries like Kenya and Rwanda that have lowered their transaction charges in digital payments towards boosting adoption. READ: Naira strengthens at NAFEX window despite 61% drop in dollar supply. After some months of being under lock and keys, respite came the way of Seplat Petroleum on January 22, 2021 when Hon. Access Bank is understood to be grappling with a string of bad loans issued under the defunct Diamond Bank and is now stepping up efforts to go after some of the debtors by obtaining several court orders to seize properties. 5,144.43 US Dollars. This is the highest level since July 2020 and a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position. The CBN has frowned at activities of some IMTOs and unlicensed companies who continue to facilitate diaspora remittances into the country in Naira. Tag: 2 billion Naira Looters Of Our Common Wealth Must Be Prosecuted – Falana ... has thrown his weight behind the ongoing probe into the two billion dollars arms deal that has thrown up a … The value of 1tbc in naira in today’s market; The administrative costs of the drugmaker soared by at least 22% due to the current headwinds and it may be forced to stop manufacturing from July if … Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Dollars to Nigerian Naira charts. US Dollar(USD) To Nigerian Naira(NGN) This is the page of currency pairs, US Dollar(USD) convert to Nigerian Naira(NGN). The CBN warned that strict sanctions, including withdrawal of operating licenses, shall be imposed on any individuals and/or institutions found to be aiding, abetting or directly contravening these guidelines. The exchange rate for the Nigerian Naira was last updated on January 20, 2021 from Yahoo Finance. 5,144.43 US Dollars. READ: Continuous increase in inflation rate may weaken economy – CBN report. This assertion is contained in the Foresight Africa 2021 report published by African Growth Initiatives of the Brookings Institution, a non-profit organization devoted to independent research and policy solutions. You may contact him via his email- [email protected]. It also sold for as low as N390/$1 during intra-day trading. A total of 53,460 third-generation (3G) and fourth-generation (4G) base transceiver stations (BTS) have been deployed in Nigeria in the last five years. Also, the Naira appreciated significantly against the dollar, closing at N470/$1 at the parallel market on Thursday, December 3, 2020, as the CBN’s series of new policies on forex market seems to be having a significant impact on the black market. Where did Maurice Iwu get that large sum of money(2 billion naira) from?. Explore Data on the Nairametrics Research Website, READ: Naira stabilizes at forex markets as CBN moves to boost liquidity, Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. Nigeria also needs the external reserves to hit $40 billion if it is to adequately meet some of the pent up demand that has piled up since 2020 when oil prices crashed and the pandemic caused major economic lockdowns. The article you are writing a rejoinder to clearly spelt out that the 2.1billion naira is the amount of money budgeted for the ONSA, part of the funding for that 2.1 billion naira is from the Abacha loot. Digital transformations as well as AfCFTA are considered necessary for the fast recovery of the African economies. “The total cost of construction of the Ibom Deep Seaport is 4.6 billion dollars but the first phase of it is 2.016 billion dollars which was approved on Wednesday Dec. 16 by the Federal Government. The symbol for NGN can be written N. The symbol for USD can be written $. Convert 1 Nigerian Naira to Canadian Dollar. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) He added that the Ministry of Transport had disclosed that the projects would be completed in 36 months. Did you know? On the flip side, the exchange rate at the black market where forex traded unofficially still remained stable at N475/$1. Relationship. However, Zlatan Ibile is more richer than with $1.1 million dollars in 2020. The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week. The apex bank’s reaction follows the contravention of its earlier directive that all diaspora remittances must be paid to the beneficiaries in dollars. Shagari's regime (1979-1983), incurred Buhari's wrath when it decided to investigate the US$2.8 billion that disappeared from the Midland Bank, London account of the Nigerian National Petroleum Cooperation, (NNPC), during General Obasanjo's era as military head of state that preceded Shagari's. Rates are based on real time exchange rates. 37 of 1998,No. Forex turnover rose sharply by 173.3%, as the Naira’s exchange rate at the NAFEX window remained stable against the dollar to close at N395/$1 during intra-day trading on Thursday, December 3. Access Bank Plc has filed a Notice of Appeal at the Supreme Court, objecting to the suspension of the interim Mareva injunction on the assets of Seplat Petroleum Development Company, by the Appeal Court. It also sold for as low as N385/$1 during intra-day trading. Current exchange rate US DOLLAR (USD) to NIGERIA NAIRA (NGN) including currency converter, buying & selling rate and historical conversion chart. Dec 21, 2011 – Corruption: 2 Billion Naira Disappears From Maurice Iwu’s Abuja Home Before we start the fully gist, the question on everyone’s mind is. According to Danbatta, the effective regulatory regime put in place by his leadership has created the desired impetus for the increased deployment of infrastructure by various telecoms operators, which in turn, has helped to improve the broadband penetration and other related service delivery in the telecoms industry. READ: Naira strengthens at NAFEX window despite 38% drop in dollar supply. Also, the naira continued to remain stable against the dollar, closing at N475/$1 at the parallel market on Tuesday, December 15, 2020, as demand pressure reduces. With the insistence of the apex bank on its earlier directive, it means that Nigerians living in the diaspora can transfer foreign currency to their relatives and loved ones in the country, who in turn will withdraw the money in dollar cash and sell anywhere they so desire. Access Bank has expressed its displeasure over the ruling by the Court of Appeal which lifted the Mareva injunction against Seplat Petroleum. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. READ: Naira stabilizes at black market as external reserve rises by $515 million in 12 days. The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.304 million according to central bank data dated January 14, 2020. Before he became HOS in 1983 he was the General Officer Commanding the 3rd Armoured Division Jos. Convert 1 Nigerian Naira to Canadian Dollar. 1tbc = 1 billion dollars ($1,000,000,000) According to the founders, the value of the billion coin can never go down, only up. The CBN Governor disclosed that the apex bank is targeting about $2 billion inflow monthly from diaspora remittances as he accused some international money transfer operators of trying to resist its new policy. Technological transformations through digitization as well as the African Continental Free Trade Agreement (AfCFTA) are considered as quite critical in supporting the fast recovery of the African economies. NAFEX: The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N395/$1. Nigeria and China agreed on a currency-swap worth $2.4 billion to boost commercial ties and reduce the need to use the dollar in bilateral trade. The bank in an affidavit maintained that “by discharging the said interlocutory orders, the Lower Court had unwittingly (via a motion) determined the main Appeal which seeks to also discharge the interlocutory orders made by the trial court.”. This was disclosed by the media aide to the President, Bashir Ahmad, after the FG signed a Memorandum of Understanding (MoU) with Mota-Engil Group on the construction of $1.959 billion dollars Kano-Maradi Standard Gauge Railway lines. Rates are based on real time exchange rates. Total forex trading at the NAFEX window in the month of September was about $1.98 billion, compared to $843.97 million in August. Forex turnover at the Investor and Exporters (I&E) window increased significantly by 233.6% on Wednesday, January 20, 2021. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country. 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