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
On August 31, the Central Bank of Nigeria (CBN) said it discovered some Nigerians who bought forex for Personal Travel Allowance (PTA ) and Business Travel Allowance (BTA) with fake visas at designated banks, a practice that could lead to the blockage of account details of such defaulters or face prosecution. The apex bank immediately … Read more
The depreciation of the Nigerian currency lately calls for worry, from N199/$1 at the time President Muhammadu Buhari and his APC-led government took over to N576/$1 at the time of publication, it would not be economically palatable for Godwin Emefiele, a successful GMD at Zenith Bank and a former finance lecturer, to leave behind a … Read more
The latest forex middleweight wrestling between the Central Bank of Nigeria (CBN) and abokifx.com isn’t just dramatic but also shows how the inconsistent foreign exchange policies of Nigeria have created a system that benefited some people to the detriment of the Nigerian economy. Abokifx is a website that tracks foreign exchange rates both at the … Read more