How Much is Dollars to Naira in Black Market May, 2018

The Nigerian Black Market exchange rates of Dollars, Pounds, Euros when converted to Naira is very relevant today and continues to be relevant with each passing year.

As long as the economy of Nigeria is still largely influenced by the importation of Foreign goods and services, there is nothing stopping the black market system.

There are other factors responsible for the viability of the parallel market exchange rate system in the country.

These factors are:

1. The lack of viable and sustainable Exportation of non-oil products.

2. The constant proliferation of multiple exchange rates

3. The over dependence on imported products.

As far as the above factors continue to exist, then the black market exchange rate system will continue to be relevant to all residence in the country.

And as far as Nigerians cannot do without the exchange rate market, then this page will be used to monitor how one currency is converted to another in Nigeria.

But, the primary focus here is on the dollar to naira exchange rate. So, having briefly explained to you how relevant this page is everyone, we proceed to show you exactly what you are looking for.

These are the current exchange rates of the United States of American Dollars to the Nigerian Naira === See the exchange rates charts below.

Date: Buying / Selling
May 22, 2018: 362…/…365
May 21, 2018: 362…/…365
May 18, 2018: 361…/…364
May 17, 2018: 361…/…364
May 16, 2018: 361…/….364
May 15, 2018: 361…/…364
May 14, 2018: 360…/…363
May 12, 2018: 360…/…363
May 11, 2018: 360…/…363
May 10, 2018: 360…/….363
May 09, 2018: 360…/….363
May 08, 2018: 360…/…363
May 07, 2018: 360…/…363
May 04, 2018: 360…/……363
May 03, 2018: 360…/…….363
May 02, 2018: 360…/…..363
May 01, 2018: 360…/…….363

What does Nigeria need to do in order for her to ultimately render the black market exchange rate market irrelevant?

Before once can effectively tackle this issue, we need to understand why the problem exist in the first place.

Can you ever tackle an issue without knowing the root cause it?

At present. Nigeria has multiple exchange rates: we have the official bank rate, Pilgrims’ special fixed rates, Investors window rates, black market rates, interbank rates, and lots more.

As long as this trend continues, there is every possibility that the black market will continue to stay relevant.

The black market exchange rate window is the hope of the average Nigerian out there. Whenever you want to convert your dollars, irrespective of the amount, there is always someone willing to accept your transaction.

Can you go to any bank in Nigeria today and request to sell your $10, $20, $50 cash? But, do you know that you can readily sell your dollars at the parallel market without stress in Nigeria?

Thus, one of the main cause of the existence of the parallel market is as a result of convenience. Nigerians love to do things with ease and go through any length just to make sure of that.

Now, ask yourself this question: why would the economy of Nigeria not suffer when it is driven by high consumption rate of imported goods?

There are several categories of goods and services that are being imported into the country on a daily, weekly basis. The chief imported product that we already know of is: Petrol.

Do you know that the country goes as far as to import toothpicks? Just think about the clothes you put on, the shoes, cars you drive, mobile phones you are now using to browse this page, and lots more.

Do you now see why the parallel market is still very important?

Few months back, a close associate of mine needed to import goods into the country from New York. He had the naira, but could not easily get dollars from the banks.

But, after seeking advice from a friend, he decided to visit the parallel market.

Do you know that within 5 minutes of dashing to the black market, he had completed his transactions?

Here are some questions that you really need to ponder upon:

1. As an oil producing nation, Nigeria’s legal tenders are Naira and kobo. How possible and feasible is it for Nigeria to sell her crude oil to intending buyers in naira?

The logic behind this question arise from the fact that the value of a currency is somehow tied down to its relevance and demands.

Is it not possible that the higher the demand for the Naira, the more its value rises?

2. Nigerians have not been encouraged enough to invest in a lot of none oil export able product.

If Nigeria diversify its economy and relies less on crude oil sales, will it not influence the value of the Naira?

Why do Nigerians rely heavily on foreign goods?

In the month of May, 2018, the Senate of the Federal Republic of Nigeria passed the new Companies and Allied Matters Act (CAMA) bill into law after going through the third reading on the floor of the upper chamber of the national assembly.

It is said to be one of the biggest business reform bills passed in Nigeria in over 28 years.

The benefits/direct effects of the bill on small businesses are highlighted below;

1. It will make Nigeria’s business environment as competitive as its counterparts around the world.

2. With CAMA, any individual can start and run a company totally resolving business registration bottlenecks. A lot of businesses have been forced into unnecessary partnerships because prior to the passage of this bill, to legally own a business in Nigeria, you needed to provide at least two or more people as co-owners of the business.

3. It promotes the use of technology in the registration of businesses in a faster and more efficient way.

4. CAMA removes all the unnecessary regulatory provisions for small companies such as the requirement for ‘annual general meetings’ and ‘company secretaries.’ This would make business ownership and registration less stressful, as the bill provides an environment for small business to start and grow.

5. The bill creates the ‘LLP’ (Limited Liability Partnership) which is a new form of legal identity for businesses in Nigeria that is targeted at increasing foreign investments in the country.

6. It reduces the minimum share capital for companies and start-up in Nigeria. Evidently, this will encourage more investments and create new jobs.

7. It ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system that the senate’s amendment gives legal backing. With the bill, people can register their small businesses from the comfort of their homes without having to go through all the previous rigorous processes.

In summary, this new development is expected to impact on the growth of the economy through;

1. Provision of more employment opportunities.

2. Increased revenue for the government.

3. Boost investors’ confidence in online business transactions.

4. Improve the current position of the country on the ease of doing World Bank rankings.

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One Response

  1. John Paul May 23, 2018

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