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50 million naira in pounds

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. Parallel market: According to information from Abokifx, a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira depreciated against the dollar to close at N463/$1 on Tuesday. Explore Data on the Nairametrics Research Website. This site uses Akismet to reduce spam. According to Reuters, currency traders said that the naira is expected to be stable this week as banks limit foreign exchange transactions by both firms and individual buyers on the unofficial black market to curb speculation. It also sold for as low as N384/$1 during intraday trading. Last 5 Years index performance and chart outlook for NGN / GBP, © 2010-2020 Currency Converter X. Learn how your comment data is processed. Convert British Pound To Nigerian Naira . THE VALUE OF THE NAIRA. It's known locally as a quid.

Your email address will not be published. The N392.79 to a dollar is the highest rate during intraday trading before closing at N385.67.

20,000,000.00 NGN = 41,026.56 GBP Follow news in the Economic Calendar Currency converter - Light Version Here you are getting today's value of twenty million Nigerian naira to British Pound Sterling . This is in contrast to the improved turnover that was recorded last week. As part of the measure to check forex abuse and check illegal transactions, the CBN last month directed the freezing of accounts of about 38 companies. The US dollar stands at ₦460/US$1 in the parallel market. According to Reuters, currency traders said that the naira is expected to be stable this week as banks limit foreign exchange transactions by both firms and individual buyers on the unofficial black market to curb speculation. Forex turnover dropped by 24.7% as Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N385.83/$1 during intraday trading on Friday, October 16. A currency's value is what is can fetch those who use it as a means of exchange! The CBN had in the past weeks moved to clear the huge backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds. 50000 NGN = 102.2321 GBP. Nigerians therefore use the Naira. The exchange rate disparity between the official NAFEX rate and the black-market rate has continued to reduce significantly these past few days dropping to N53.87. please copy and paste the HTML from below into your page: British Pound(GBP) To Nigerian Naira(NGN), Convert British Pound(GBP) To Nigerian Naira(NGN), History Monday 12/10/2020 - Wednesday 21/10/2020, British Pound(GBP) To Nigerian Naira(NGN) History Graph, Nigerian Naira(NGN) To British Pound(GBP).

NAFEX: The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N385.83/$1. Use "Swap currencies" to make Nigerian Naira the default currency. You have just converted one million naira to pound sterling according to the recent foreign exchange rate 0.00201731.For one million naira you get today 2,017 pounds 31 pence. The CBN has sold over $500 million to BDCs since they resumed forex sales on Monday, September 7, 2020. Full history please visit NGN/GBP History Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. This represents a 16 kobo drop when compared with the N385.67/$1 that it exchanged for on Thursday, October 15. According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $166.55 million on Thursday, October 15, 2020, to $125.40 million on Friday, October 16, 2020. Here you are getting today's value of twenty million Nigerian naira to British Pound Sterling . This represents a N5 drop when compared to the rate that it exchanged on Friday, September 4.

It also shows the history chart of this currency pairs, by choosing the time period you can get more detailed information. The naira depreciated to N445/$1 at the parallel market, despite the resumed sales of over $50 million to over 5,000 BDC operators.

Nigeria’s central bank pumped in $50 million into the FX market on Monday in a bid to test demand and supply and more importantly, the price of naira against the dollar. The central bank moved towards exchange rate unification last month after it devalued the official rate to N380/$1. This in contrast to the huge gains that were recorded last week.

READ: COVID-19: World Bank approves $114 million response funds for Nigeria. The local currency has strengthened by about 7.8% within the last one week at the black market, as the CBN introduced some measures targeted at exporters and importers, in order to try to boost the supply of dollars in the foreign exchange market, and reduce the high demand for forex by traders.

The N394.63 to a dollar is the highest rate during intraday trading before closing at N386. The Naira depreciated against the dollar at the Investors and Exporters (I&E) window, closing at N385.83/$1. The CBN is still struggling to clear the backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds. The Naira today, is equivalent to 600 units to the GB£ and 500 units to the US$. We also noted that forex traders monitored during the previous week, appeared to hoard forex, as they anticipated further depreciation in the market. In sharp contrast, Nigeria’s exchange rate at the NAFEX window appreciated to N386 during intraday trading on Monday, September 7, 2020. The Naira, however, closed at 379 to the dollar at the official CBN window. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. 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. Economic Calendar.

Nigeria’s exchange rate at the NAFEX window appreciated against the dollar to close at N385.75/$1 during intraday trading on Tuesday, October 20. 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. This was the same rate that it exchanged for on Thursday, October 15. There has been a drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure, and creates a volatile situation in the foreign exchange market. At the black market where forex is traded unofficially, the Naira depreciated against the dollar. Despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market. The naira depreciated against the dollar, closing at N463/$1 at the parallel market. Online interactive currency converter & calculator ensures provding actual conversion information of world currencies according to “Open Exchange Rates” and provides the information in its best way.

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) told the News Agency of Nigeria (NAN) that the CBN disbursed a total of 50 million dollars … The exchange rate between the naira and the British pound sterling stands at ₦593/₤1 on Wednesday, 21st October 2020. The Litecoin network is scheduled to produce 84 million currency units with a halving in reward every four years just like bitcoin. Emiratis use Dirhams and Indians Rupees.

In sharp contrast, Nigeria’s exchange rate at the NAFEX window appreciated to N386 during intraday trading on Monday, September 7, 2020. Activity: US Dollar stands at ₦460/US$1 in the parallel market, READ ALSO: The risk of buying Forex at black market rate of N460/$1. It also sold for as low as N384/$1 during intraday trading. The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand and a shaky economy that has been hit by the coronavirus pandemic. Link to this page - if you would like to link to British Pound(GBP) To Nigerian Naira(NGN) Exchange Rates. This represents a 38 kobo drop when compared to the N386 that was recorded on Monday. This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation. READ: CBN grants licenses to 3 Payment Service Banks. Click on Nigerian Nairas or Pounds Sterling to convert between that currency and all other currencies. Exchange Rates Updated: Oct 21,2020 14:59 UTC, Full history please visit GBP/NGN History, Full history please visit GBP/NGN Exchange Rates History. The day’s FX turnover is still a far cry from the $200 million mark that was recorded some 2 weeks ago.

The N392.79 to a dollar is the highest rate during intraday trading before closing at N386.

This represents a 13 kobo gain when compared with the N386.13 to a dollar that it exchanged on Friday, September 4. Enter the amount to be converted in the box to the left of Pound Sterling. There has been a sharp drop in speculative buying of foreign exchange, although demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market. Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The average daily forex sale for last week was about $58.52 million which represents a significant improvement from the $23.19 million that was recorded the previous week. Despite the improved forex turnover that was recorded last week, this decline reinforces the volatility of the foreign exchange market. Would you like to invert the currencies pairs? It also sold for as low as N383/$1 during intraday trading.

Parallel market: According to information from Abokifx, a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N462/$1 on Friday. NAFEX: The Naira appreciated marginally against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N386/$1. The President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual. Get live exchange rates and current price of Litecoin in Nigerian Naira including a chart showing the latest exchange rate history. The huge increase in forex supply after yesterday’s drop reinforces the volatility of the foreign exchange market. The rate had closed at ₦592/₤1 on Tuesday, October 20th 2020. The opening indicative rate was N386.04 to a dollar on Wednesday. According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $120.93 million on Monday, October 19, 2020, to $32.67 million on Tuesday, October 20, 2020. This is a daily tracker and updated close of business. The price quoted daily on this page represents the average price obtained by our Research Team. Forex turnover: Forex turnover at the Investor and Exporters (I&E) window declined by 72.9% on Tuesday, October 20, 2020. 1,000,000 naira to pound sterling according to the foreign exchange rate for today. READ: Nigeria’s forex devaluation timeline – 2020. Total forex trading at the NAFEX window in the month of August was about $857 million compared to $937 million in July. This is also despite the continuation of the protest against the special anti-robbery unit (SARS) by the Nigerian youth which has limited movement in major cities across the country especially Lagos. Explore Economic Research Data From Nairametrics on Nairalytics. BDC operators have urged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses.
All Rights Reserved, This website uses cookies to ensure you get the best experience on our website, Follow news in the Total forex trading at the NAFEX window in the month of August was about $857 million, compared to $937 million in July.

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