Exchange rates for the US dollar in Nigeria * / USD 1 = NGN ... (middle) / up to the end of 1998

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Time series key	BBEX3.D.NGN.USD.CA.AC.B00
Unit	NGN
Dimension	one
Timespan	from 1990-01-15 to 1998-12-31
Last update	20.09.2023 02:29:22 PM

General	* On 14 January 1995, the introduction of a legal free foreign exchange market was announced. Use of exchange rates from 14 January 1995 until the end of 1998: Official exchange rate: for certain government transactions. Free market rate (BBEX3:D:NGN:USD:CA:AC:000): for all other foreign exchange transactions. On 1 January 1999, the multiple exchange rate system was unified on the basis of the free market rate.
Methodology	Calculated on the basis of buying and selling rates.
Source	Central Bank of Nigeria, Lagos / Abuja.

Comment on 1995-02-28	On 14 January 1995, the introduction of a legal free foreign exchange market was announced; however, the central bank only began to report exchange rates (buying/selling) on 23 February 1995: official exchange rate: USD 1 = NGN 21.7761 / 21.9960, free market rate: USD 1 = NGN 81.18 / 82.00.
Comment on 1992-03-16	On 4 March 1992, the exchange rates were adjusted more sharply. We recorded the following mid-market rates: 3 March 1992: USD 1 = NGN 10.5564 4 March 1992: USD 1 = NGN 18.0000 Calculated devaluation: 41.4%.

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