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 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
Until September 24, 2020, GTBank domiciliary account was the best in Nigeria, there is no gainsaying about that. But that seems to have changed following the present withdrawal issue being faced by dom account holders with the bank, they can neither make a transfer to another account or withdraw. UPDATE: Information we got from operators of … Read more
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
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