461.121 NGN. 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? 1 NGN = 0.194830 INR. Last updated: 2020-11-03 05:46 UTC. Economy . All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. It has been the same old themes punishing the naira over the past few years. NGN Nigerian Naira Country Nigeria Region Africa Sub-Unit 1 Naira = 100 kobo Symbol ₦ The naira is the currency of Nigeria. Currency devaluation in a dependent developing economy like Nigeria is “false economics”. 1 INR = 5.13268 NGN. 56.8736 NGN. In the first story of our series on the impact of COVID-19 on Nigeria, we look how its economy considers strategies to reduce the naira’s dependence on volatile oil prices. Below, you'll find Nigerian Naira rates and a currency converter. Nigeria Backtracks on Currency Rules After Naira Weakens By . The currency code for Nairas is NGN, and the currency symbol is ₦. This is to avoid the hazards of miscalculation and thereby arriving at a value you least or over expected. About Nigeria Naira (NGN) The Nigeria Naira (Sign: ₦; ISO 4217 Alphabetic Code: NGN; ISO 4217 Numeric Code: 566;) There are 2 minor units.The coins are ½, 1, 5, 10, 25, 50 kobo, 1 & 2 naira, while the bank notes are 5, 10, 20, 50, 100, 200, 500 & 1000 naira. 113000 Nigeria Naira to Ghana Cedi, 113000 NGN to GHS Currency Converter. Last updated: 2020-12-07 20:02 UTC. Nigeria’s currency on Monday fell to N500 to the dollar after the Central Bank of Nigeria (CBN) adjusted the exchange rate by N6 across foreign exchange market segments. Below, you'll find Nigerian Naira rates and a currency converter. NGN Exchange Rates ; Central Bank of Nigeria; Historical Exchange Rates For United Arab Emirates … The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. The Naira is subdivided into 100 kobo. Nigeria, Naira. 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. The Nigerian naira is made up of 100 kobos. Tope Alake, December 4, 2020, 2:04 AM EST LISTEN TO ARTICLE. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. It is subdivided into 100 kobo. Euro to Nigerian Naira Conversion. Nigeria’s Naira Gains in Parallel Market as Dollar Supply Rises By . The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira = 1 pound. It manages the amount of currency in circulation to ensure its stability and value. 1:19. or take NGN rates on the go with our XE Currency Apps and website. SHARE THIS … Recipients were paid the naira equivalent previously. This is in line with BusinessDay projection last week that the naira could head to N500 to the dollar this week. The apex bank had on Tuesday adjusted the exchange rate at the official window by […] Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. Track Naira forex rate changes, track Naira historical changes. 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. 1 EUR =. The Naira is the official currency of Nigeria. It is subdivided into 100 kobo. The naira is the currency of Nigeria. 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. With the current rate, naira has lost N140 year-on-year when compared with N360 it stood in November 2019 … 6 December 2020. 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. The naira has strengthened by 6% to 470 per dollar in the parallel market since Monday, according to abokifx.com, while the spot rate weakened 0.6% to 391.90. Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federation. Tope Alake, November 20, 2020, 10:27 AM EST Currency at the weakest level in three months on … Nigerian Naira exchange rates and currency conversion. It is subdivided into 100 kobo. The naira is the currency of Nigeria. 1 CNY = 56.8736 NGN. All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. Vanguard (Lagos) By Ibrahim Hassanwuyo. Chinese Yuan Renminbi to Nigerian Naira Conversion. It is subdivided into 100 kobo. 0.194830 INR. 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. Currency exchange rates updates every day and use average rates based on Trusted International exchange rate. The symbol for NGN can be written N. The Euro is divided into 100 cents. Nigeria's black-market naira level is moving closer to the official exchange rate. View current exchange rates for the pair United States Dollar (USD) and Nigerian Naira (NGN). At the investors and exporters forex window, the gap between demand and supply will remain wide, he said. The Nigerian Naira is the currency in Nigeria (NG, NGA). This page shows a rate of Nigerian Naira for 1 United States Dollar and compare local money of United States and Nigeria. The exchange rate for the Euro was last updated on December 10, 2020 from The International Monetary Fund. 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. From multiple exchanges, to depressed oil prices, shaky economic conditions, dollar scarcity and the new addition, COVID-19. January 2020, makes it 47 years since the Naira became Nigeria’s official currency. 1 NGN = 0.00216863 EUR. The naira is the currency of Nigeria. Nigeria Currency - Nigeria Naira (NGN) ☛ Nigeria Naira (NGN) Exchange Rates and all-in-one currency converter.