Things did not get much better as most people expected at least a weaker naira should help the economy A United States Dollar ($1) was exchange at 90 koboīut by 1993 after the brahim Babaginda’s regime came to an end the Naira has sheded much value and was exchange at 11 naira for $1.Īt this critical point the country had to introduce the bureaux de change. It will be recalled before now (around 70s), the Naira enjoys a better exchange rate against the Dollar. The then administration had no choice rather than to accept the conditionality because of the pressure the Naira and the economy as a whole was under. The Second-Tier Foreign Exchange Market (SFEM) is a product of the IMF which was presented to former President Ibrahim Babaginda’s regime. President Ibrahim Babaginda’s Second-Tier Foreign Exchange Market (SFEM) In this article, we are going to trace the history of Naira exchange rate to Dollar, how it has fair under previous administration. Our team are constantly monitoring the USD/NGN (Dollar to Naira) exchange rate and updating accordingly. All figures here are for information purposes ONLY. Remember that the currency symbol for Dollar (US Dollar) is $. įrom the standpoint of view the market seems to be indicating for a further fall The United States Dollar has been maintaining a steady rise in the last few months against the Naira in the parallel market. We bring to you USD/NGN (Dollar to Naira) exchange rate today based on Black Market rate, Lagos, Nigeria today, being This is coming at a time after the Central Bank hit hard on Abokifx forcing the online portal to shut down it services In Lagos, the dollar was sold at N572 while in Kano it was N575 as of 3pm on Monday. Pouch correspondent, who visited the ever-busy Wuse Zone 4 which is the hub of bureau de change operators in Abuja, observed that the dollar was sold for N574 as opposed to the N570 it was sold for previous. While in Southend of Nigeria, In Uyo, dealers said it traded at 568 a dollar in the morning but rose to 572 at the close of business. Interested in knowing what the A black market rates are in Abuja and Lagos? Punch says that dealers exchanged the naira at 568 per $1 on Thursday