Nevertheless, the pace at which these changes have been made has been rather slow, signaling that the path for a single and flexible exchange rate remains long. Analysts have long maintained the view that this regime creates confusion and hinders investment. Nigerian naira weakened on the parallel market after the central bank devalued the official exchange rate by 7.6, replacing it with the. The country already secured a USD 3.4 billion loan from the IMF in April and the latest adjustment by the CNB bodes well for unlocking additional financing from the World Bank, with whom authorities are currently in talks with.Īll in all, the move is a positive step towards merging the country’s multiple exchange rates. The Nigerian Bureau of Statistics recently published the country’s unemployment rate for the fourth quarter of 2020, reflecting a continued deterioration during the COVID-19 year. Below, you'll find Nigerian Naira rates and a currency converter. The currency code for Nairas is NGN, and the currency symbol is. Our currency rankings show that the most popular Nigerian Naira exchange rate is the NGN to USD rate. Nigerian naira to United States dollar (NGN to USD) Quickly and easily calculate foreign exchange rates with this free currency converter. The decision also comes against the backdrop of President Muhammadu Buhari’s pledge of converging the rates in view of securing financing from multilateral lenders to cover the large balance of payment needs and budget shortfalls arising from the plunge in oil prices. Exchange Rates & Currency Conversion Calculator Use the converter to get an indication of the rate you may receive when using your Visa card. The Nigerian Naira is the currency of Nigeria. The devaluation comes after Governor Godwin Emefiele’s remarks in June that the CBN was moving towards unifying the official rate closer to NAFEX in view of improving transparency of its FX-management regime. On 7 July, the official exchange rate was weakened by 5.3% to NGN 381 per USD meanwhile, the NAFEX exchange rate-used by both investors and exporters and which acts as a spot-rate for the naira-traded at NGN 388 per USD that same day, where it has hovered for the past couple of months on the back of the oil price recovery. The move came on the heels of a hefty 15% adjustment in March when the currency faced tremendous pressure from the collapse in global oil prices, with the CBN bringing the rate down to NGN 361 per USD. Convert British Pound Sterling to Nigerian Naira GBP to NGN Currency Converter Currency Converter GBP Exchange Rates GBP 1.00 572.223 NGN invert currencies GBP - British Pound Sterling Conversion Rate (Buy/Sell) NGN/GBP 572. The Central Bank of Nigeria (CBN) weakened the official exchange rate for the second time on 7 July amid pressure from international lenders and investors to unify its multiple exchange rates. Central Bank weakens currency again in July
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