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Monthly Average Exchange Rates of the Naira (Naira Per Unit of Foreign Currency) - 2014
 
Month June July August
DAS/WDAS (USD) 157.29 157.29 157.29
IFEM (USD) 162.82 162.25 161.99
BDC (USD) 167.17 167.71 170.36
POUNDS 263.29 265.93 260.12
EURO 211.68 211.24 207.41
CFAFr 0.32 0.32 0.32
       
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Export to Excel Monthly Average Exchange Rates of the Naira
DAS/WDAS = Dutch Auction System/Wholesale Dutch Auction System, IFEM is Inter-bank Foreign Exchange Market, BDC is Bureau de Change
*
DAS/WDAS exchange rate from August 2005, include 1 per cent commission
Facts : 1/16/2006
The Cowry:The Cowry has, for centuries, served our people as an important form of currency. In 1860 the following system was in use: 40 Cowries formed a "String"; 50 Strings made a "head" and 10 heads comprised a "bag". In Lagos in 1865 one bag of 20,000 shells was exchanged for one or two English Pounds.
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