The announcement of the Central Bank of Nigeria (CBN) on Wednesday, June 14, 2023, is good and bad news for Form A applicants, especially Nigerian students seeking to pay fees abroad. Let’s talk about the bad news: before the floating of naira, form A applicants got an official rate of 463.38/USD for their forex needs. … Read more
Nigeria’s apex bank says naira4dollar scheme will end by June 30, 2023. The scheme was introduced by on March 5, 2021. This cessation of the scheme becomes necessary as a result of the unification of the exchange rate on the order of President Bola Tinubu. CBN’s Director of Financial Markets Dr. Angela Sere-Ejembi in a … Read more
Following the unification of the exchange rate by President Bola Tinubu, $/NGN is now determined by the prevailing to unify the prevailing market exchange rate. What does it mean to float the naira? Floating the naira means that the Central Bank of Nigeria is no longer controlling or fixing the value of the Nigerian currency … Read more
Indices trading provides traders with an opportunity to participate in the performance of a basket of stocks, representing a specific sector or the overall market. The popularity of indices trading has grown significantly over the years due to its potential for diversification and exposure to broad market trends. Let’s explore 5 popular indices trading strategies … Read more
Form A applicant is now required to submit valid three years Tax Clearance Certificates (TCCs). The new directive is from the Central Bank of Nigeria (CBN). In a message sent to one of our writers, the message reads: “Effective Thursday, 01 June 2023, customers initiating Form A requests will be required to provide a valid … Read more
In a bid to wipe out multiple exchange rates in Nigeria’s foreign exchange, the Central Bank of Nigeria has reportedly devalued the naira from NGN461.6 to NGN631. On Wednesday, May 31, 2023, the US dollar exchanged for N461.6 at the Importers and Exporters (I&E) window. The new exchange rate takes immediate effect, according to a report … Read more
The US Dollar rose against the Naira on Tuesday, May 23, 2023, at the parallel market as Nigerians countdown to the May 29 inauguration of the president-elect Asiwaju Bola Ahmed Tinubu. Three days ago, the USD sold at NGN760 at the unofficial market, but today, the naira fell further trading at NGN765 at the black … Read more
Nigeria is responsible for 33.8% of the revenue of foreign airlines trapped in countries around the world. Nigeria and others owed $2.2 billion to airlines, said spokesperson of the International Air Transport Association (IATA) Katherine Kaczynska in March 2023. Under the watch of the outgoing President Muhammadu Buhari, the revenue of foreign airlines which they … Read more
As the legal fireworks continue at the Presidential Election Petitions Tribunal in Abuja against the victory of Asiwaju Bola Ahmed Tinubu in the February 25, 2023 Presidential election, it’s certainly incontestable that the former Lagos State governor will be sworn in as Nigeria’s president on May 29, 2023, signals from Aso Villa are enough indicators. While he warms … Read more
Who Is a Foreign Exchange Trader? A foreign exchange trader also known as a forex trader buys and sells foreign currencies to make a profit. For instance, an FX trader may take advantage of the inconsistency in the economic policies of a country to make gains. How Foreign Exchange Traders Work Inconsistent economic policies mostly … Read more
There is an update on foreign exchange purchases for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), and payment of foreign medical bills majorly under the Form A FX application. Initially, the processing time for Form A was within four weeks or a month, but the same application will now take at least 120 days … Read more
There are no better ways to describe convenience when sending money to Ghana from the United Kingdom and the recipient gets a credit alert within hours. Why the Ghanaian population in the UK matters The growth of the Ghanaian population in the UK is an opportunity for remittance firms not only to make a profit … Read more
Until the Central Bank of Nigeria (CBN) restricted the operations of some International Money Transfer Operators (IMTOs) on December 17, 2020, it was easy for Nigerians to send money from the United Kingdom to Nigeria. That has now changed, according to a report by Reuters. It’s more tedious to make remittances from the UK to … Read more
Following the pressure on the Nigerian currency, we asked the large language model ChatGPT about the future of the Naira against the US Dollar. ChatGPT responded like an experienced financial expert, stating that it is difficult to predict the future of Naira against the US Dollar. At the time of publication, the official exchange rate … Read more
Since the beginning of this year, the US dollar (USD) has been constantly increasing in strength and has even been able to rub shoulders with the Euro in value for the first time in so many years. To the US, a strong USD is a blessing, but an economic problem for countries that depend on imports, especially … Read more