On November 10, 2021, the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele at the France-Nigeria Security and Economic Summit, in Paris, France, expressed optimism that by the middle of 2022, Nigeria’s foreign reserves will surpass the $42 billion thresholds. It’s been turbulent for Nigeria’s economy and its foreign exchange market in recent … Read more
For close to three decades, Nigeria’s economy has depended largely on the importation of finished products, even some indigenous manufacturing companies import raw materials. To put a stop to an importation economy, the Central Bank of Nigeria (CBN) on October 25, 2021, launched the “100 for 100” Policy on Production and Productivity (PPP). The laudable … Read more
The naira continued its appreciable performance against the US dollar on November 12, 2021, at the black market, it closed at NGN525 at the close of business on Friday. On Thursday, at the close of trade, it appreciated against the dollar at the parallel market on Thursday to trade at N540 per dollar. and NGN530 … Read more
The naira is showing an improvement at the exchange market as it gained against the US dollar early morning of Thursday, November 11, 2021 On September 30, USD traded NGN580 while it went for NGN575 on October 6, five days after the Central Bank of Nigeria (CBN) postponed the launch of its digital coin dubbed eNaira … Read more
eNaira, Nigeria’s digital coin, seems to be having a good impact on the fiat version of Nigeria’s currency. On Wednesday, November 3, 2021, $1USD was NGN557 as against NGN565/$1 a month ago. Recall that eNaira which was scheduled for launch on October 1 to commemorate Nigeria’s Independence, but was postponed and eventually launched by President … Read more
Guaranty Trust Holding Company (now Guaranty Trust Bank) is selling US dollars to online buyers at NGN480.96/$1, research by InfomediaNG Business Solutions (IBS) has shown. Most times, commercial banks that have foreign exchange licences do not sell forex at a unified rate to customers as they determine what their rate would be. When a team … Read more
The importation business is a lucrative business in Nigeria, no wonder merchants make millions of naira from it every month. Here, we will talk about the requirements and importance of form M and form Q. UPDATE: If you’re just kickstarting an importation business, you must learn how to cross the hurdle of sourcing forex after … Read more
Nigeria is in a dire economic crisis as the country uses 40% of its foreign exchange to import the resources it produces as non of its refineries remain redundant. The country is one of the major producers of crude oil, yet it finds it difficult to refine the fuel it consumes daily, but the Nigerian … Read more
What is an estacode? An estacode is a payment allowance paid to an official of the government to cover their travel expenses and trips outside Nigeria, including lodging and feeding. Estacode Per Night For Government Officials As of December 3, 2023, the Federal Government’s agency that determines remuneration packages of political office holders in Nigeria, the Revenue Mobilization Allocation and … Read more
When Nigeria adopted the Naira as its currency on January 1, 1973, the US Dollar was just 68 kobo to a Naira (less than one naira). However, today, 1 USD is worth N1,300 on NAFEM after the Central Bank of Nigeria stopped ‘subsidizing’ the value of the Nigerian currency. Here is the timeline of the … Read more