A survey conducted in Nigeria in 2008 by a development finance organization, the Enhancing Financial Innovation and Access revealed that about 53.0% of adults were excluded from financial services. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. FocusEconomics panelists see the NAFEX rate ending 2020 at 403 per USD. About 24 of 1991, CBN Decree Amendments 1993,No. Parallel market appreciation first time in 20 years. 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 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. 4 of 1997,No. In other words, this is the price of a unit of US dollars in Naira. Consumer prices climbed 1.48% over the previous month in September, above the 1.34% rise logged in August. The CBN in April 1994 undertook to facilitate a formal framework for the co-ordination of regulatory and supervisory activities in the Nigerian financial sector by establishing the Financial Services Coordinating Committee (FSCC) to address more effectively, through consultations and regular inter-agency meetings, issues of common concern to regulatory and supervisory bodies. Consumer prices rose 1.34% over the previous month in August, slightly above the 1.25% increase seen in July. LinkedIn Through money exchange rate, one can attain how powerful or strong a country’s currency is, and on this post is all about the naira to dollar(us) exchange rate through the various financial services we have in Nigeria. Client Log In, Facebook Google+, © Copyright: 2020. Essentially, there are three pivotal roles for the payments system, namely: the Monetary Policy role, the financial stability role and the overall economic role. The clean notes are re-issued while the dirty notes are destroyed. Google+, Facebook Dollar-Naira Exchange Rate Today: DATE: 23/06/2020: 1$ BUY/ SELL: PARALLEL / BLACK MARKET (USD) ₦450 / ₦455: GTBANK ONLINE: ₦390: ECO BANK: ₦427: ZENITH BANK: ₦402: FIRST BANK: ₦391 : WESTERN UNION: USD = ₦374.12: GBP = ₦461.84: EUR = ₦419,61: CBN RATE: ₦361.00: Also Read: How Students can Earn Money Online from Blogging. Sale of Foreign Exchange to Bureaux-de-Change operators in an effort to increase access of foreign exchange to small end-users, bridge the supply gap Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) Official dollar to naira exchange rate today which includes the cbn rate, bank rate, parallel market and the black market rate in 2020. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose in August to 54.6 (July: 50.4). All in all, the move is a positive step towards merging the country’s multiple exchange rates. The naira (sign: ₦; code: NGN) is the currency of Nigeria. One of the functions of the central bank of Nigeria, among others, is ensuring stability of the foreign exchange market. The Currency and Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution /supply, processing, reissue and disposal/ disintegration of bank notes and coins. 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. It is also regarded as the value of one country’s currency in relation to another currency. The provisions of the Second Schedule to this Act shall have effect with respect to the proceedings of the MPC. +234 9 462 36000 See Movement in Exchange Rates Home » Dollar to Naira Exchange Rate Today – Current CBN & Parallel Market. 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. The appointment of a member of the MPC pursuant to sub-section 2 (d) and (e) of this section, the remuneration , filling of temporary vacancies. 24 of 1991, Monetary, Credit, Foreign Trade and Exchange policy Guidelines, Financial Policy and Regulation Department, Other Financial Institutions Supervision Department, Monthly Average Exchange Rates of the Naira, Summary of 5 - Year Financial Summary - Pre 1972, Frequently Asked Questions on Exchange Rates, the Governor of the Bank who shall be the Chairman, two members of the Board of Directors of the Bank, three members appointed by the President; and, Implementation of Bank Verification Number (BVN) Scheme to address issues associated with the absence of unique identifier of bank customers across the Official visiting days are Tuesdays and Thursdays by appointment only. It could be different depending on your current location and time of the day. The Nigerian Payments System witnessed remarkable achievements in the recent past, with the introduction of a number of initiatives under the Payments System Vision 2020. The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) slipped from its six-month high of 54.6 in August to 52.5 in September. Dollar to Naira Exchange Rates 2020 (CBN & Black Market) ... Before the adoption of Naira notes, coins were used in Nigeria as a means of payment. Our working hours are from 8:00a.m. - 4:00p.m. At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. CBN Act of 1958 as amended in CBN Decree No. The Committee was accorded legal status by the 1998 amendment to Section 38 of the CBN Act 1991 and formally inaugurated by the Governor of the CBN in May 1999. http://www.fsrcc.gov.ng/, See Frequently Asked Questions on Exchange Rates licenses & grants approvals for banks and other financial institutions. The Central Bank of Nigeria development finance initiatives involve the formulation and implementation of various policies, innovation of appropriate products and creation of enabling environment for financial institutions to deliver services in an effective, efficient and sustainable manner. The Nigerian currency has suffered high inflation rate and that has made it unstable over the years. This responsibility has been entrusted on CBN due to the flightiness experienced in the past when it came to foreign exchange. 3 of 1997,No. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended) CRYPTOCURRENCY MARKET PRICES: BTC — NGN … Here, USD is called the “Fixed currency”, while NGN is called the “Variable currency”. Get a sample report showing our regional, country and commodities data and analysis. In the foreign exchange market, a currency pair is the quotation of the relative value of a currency unit against the unit of another currency. 4 of 1997,No. 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. Convergence of official and inter-bank rates, thus unifying the two. We will be updating the current dollar to naira exchange rates everyday as it changes in the market. Do you want to know the dollar to naira bank rate today? Also Read: How Students can Earn Money Online from Blogging. At its 21–22 September meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to axe its monetary policy rate by 100 basis points to 11.50%, marking the second cut so far this year and the lowest rate since February 2016. Financial inclusion has continued to assume increasing recognition across the globe among policy makers, researchers and development oriented agencies.