List of IMTOs in Nigeria

Do you have family and friends in Nigeria you would like to send money to? You need not worry because the Central Bank of Nigeria (CBN) has a list of certified IMTOs that can successfully help you deliver funds to your loved ones back home. What are IMTOs? IMTOs are International Money Transfer Operators that are licenced by … Read more

10 Weakest Currencies in Africa Against The USD in 2024

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The U.S. Dollar is a global currency and the most widely used in the world, particularly for international trade. Sao Tome & Principe Dobra (STD), Sierra Leonean Leone (SLL), Guinean Franc (GNF), Malagasy Ariary, and Ugandan Shilling are the five weakest currencies in Africa as of February 1, 2024. Here is what the exchange rate is like between the USD … Read more

Is Dubai Currency Higher Than Naira?

Dubai Currency

Over time, we’ve heard Nigerians asking, “Is the Emirate Dirham higher than the Nigerian Naira?” They are mostly those who are seeking greener pastures in the Arabian country. Their curiosity is centred around the Dirham to Naira exchange rate when it’s ripe for them to send money back home to their loved ones. If you … Read more

5 Things to Watch in Dollar To Naira This Week December 14, 2020

Dollar to Naira Exchange Rate this week Monday, December 14, 2020, to Friday, December 18, 2020, is going to be interesting and here are the five things that could trigger a slight spike in the value of US dollar against the Nigerian Naira this week. Last week between Monday, December 7 to Friday, December 11, … Read more

Parallel Market Is Shallow Godwin Emefiele

Governor of Nigeria’s apex bank Godwin Emefiele has said that the parallel market is shallow and illegal, patronise by those who engage in illicit transactions and for “corruption purposes” He stated this at the end of the last 2020 Monetary Policy Committee (MPC) meeting, in Abuja. He said it is unfair to use the parallel market rate … Read more

Parallel Market: CBN Governor Got It Wrong On Foreign Exchange

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I watched the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele speak on the activities of speculators on the foreign exchange on TV, he looked and sounded helpless. I sympathise with him because some of the measures put in place by the apex bank are not producing the desired impact at stabilising forex. … Read more

Nigeria’s Foreign Exchange Falls To $35.63bn, Lowest In 2 Months

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Nigeria’s foreign exchange reserves have fallen to $35.63 billion, should investors be worried? The latest from the Central Bank of Nigeria (CBN) has shown Nigeria’s FX has declined, indicating the lowest level since August 2020. Nigeria’s reserves have not been impressive since the outbreak of COVID-19 pandemic. In October 28, it declined to $35.69bn from $35.74bn … Read more

Full List: Certified Bureau De Change Operators in Nigeria

US dollar how to pay off business debt

What are Bureau De Change Operators? Bureau De Change operators are retail currency changers. Their primary function is buying and selling of legal tender of different currencies. They aim to buy cheaper for them to have a profitable ‘spread’ when they find a buyer. Sometimes, they charge a commission when they act as an intermediary between … Read more

Is It Possible To Buy Dollars Directly From CBN?

Loan application infomediang

As pressure on the Nigerian currency persists, one of our readers has asked, ‘Is it possible to purchase dollars directly from the Central Bank of Nigeria (CBN)? The straightforward answer is NO. However, we’ll share some tips on accessing foreign exchange from Nigeria’s apex bank through financial institutions after the CBN halted the sale of … Read more