Foreign Exchange

Requirement of Form M and Form Q For Your Importation Business infomediang

14 Requirements To Obtain Form M and Form Q For Your Importation Business

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 […]

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Does Buhari Have The Capacity To Lift 100million Nigerians Out of Poverty

Naira Falls To NGN422/USD At Official Rate, The Worst In History

Again, Nigeria’s foreign exchange has broken another jinx, on the poor side as the naira falls to an all-time low against the US dollar at the official rate as $1 traded at NGN422.07 at the close of trading. When the Nigerian currency’s depreciation at the black market rate continued some weeks back, the apex bank’s

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2 Easy Ways To Obtain Dollar Debit Card For PTA, BTA

In July 2021, the Central Bank of Nigeria (CBN) announced that financial institutions that have foreign exchange licence would be in charge of selling forex to eligible Nigerians to meet their foreign exchange needs. Technically, it means that Bureau De Change operators would no longer be able to buy FX from the apex bank. Since then,

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5 Implications of Using 40 Percent of Forex For Fuel Importation in Nigeria

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

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Foreign Exchange Market Nigeria Dollar To Naira

US Dollar Goes For NGN575 At Black Market Rate Today October 6, 2021

The pressure on naira at the parallel market isn’t over as one USD was traded at N575 Wednesday, October 6, 2021 in locations like Allen, Opebi, Isale-Eko, and other parts of Nigeria’s commercial city At Challenge, Ibadan, Oyo State capital, the black market rate was between N575-N570/$1, depending on your negotiation power. On Binance peer-to-peer

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Origin of Estacode In Nigeria And Its Abuse By Government Officials

What is an estacode allowance? An estacode is a payment allowance paid to an official of the government to cover their travel expenses, including lodging and feeding. Between 2015 to 2021, Nigeria’s government officials received not less than NGN3.77 billion. The Ministry of Finance was reported to have got the lion’s share, amounting to over NGN2 billion;

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History of Official Exchange Rate in Nigeria From Gowon Regime to Present

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

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Foreign Exchange Market Nigeria Dollar To Naira

Naira Falls Further At Parallel Market, $1 Exchanges For N580

The Naira doesn’t show any sign of regaining its value against other major foreign currencies soon as it continues to nose-dive at the foreign exchange market. On Thursday, September 30, 2021, one US dollar sells for N580 at the black market, if you’re buying, and it’s N570 if you are the seller, showing a gap

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British Pound Sterling To Naira

Naira Falls to N780 Against British Pound, Heads Towards N800 to £1

The naira continues to fall in the foreign exchange market even as abokifx, which was accused by the Central Bank of Nigeria (CBN) of “being responsible” for the bad performance of the naira against major foreign currencies. At the time of this report, the British Pound Sterling was selling for N780 at the parallel market while

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Names of Nigerians Who Bought Forex With Fake Visas And Their Account Details

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

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