Exchange rates for the Deutsche Mark in Nigeria * / DEM 1 = NGN ... (buying) / up to the end of 1998

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Time series key	BBEX3.M.NGN.DEM.CA.AA.B01
Unit	NGN
Dimension	one
Timespan	from 1990-01 to 1998-12
Last update	20.09.2023 02:46:25 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:M:NGN:DEM:CA:AA:A01): 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. Listed against the euro as of January 1999, see BBEX3:M:NGN:EUR:CA:AA:A01
Source	Central Bank of Nigeria, Lagos / Abuja.

Comment on 1995-02	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: DEM 1 = NGN 14.7643 / 14.9125, free market rate: DEM 1 = NGN 55.04 / 55.59.
Comment on 1992-03	On 4 March 1992, the exchange rates were adjusted more sharply. We recorded the following mid-market rates: 3 March 1992: DEM 1 = NGN 6.3997 4 March 1992: DEM 1 = NGN 10.8729 Calculated devaluation: 41.1%.

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