Foreign Exchange

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 […]

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

Two days after Abokifx suspended black market rate on its foreign exchange tracking website, Naira has depreciated further. On Monday, September 20, 2021, $1 was N575 in some parts of Lagos, even as Abokifx removed all the updates on its website, following a threat from the Central Bank of Nigeria (CBN) on Friday, September 17,

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

The worst is yet to be heard about the value of Naira going by the recent depreciation from NGN521 on September 1 to NGN570 Thursday, September 16, 2021. The decline in the value of naira entered a new phase since the Central Bank of Nigeria (CBN) stopped the sales of foreign currency to Bureau de

The Naira on Monday, September 13, 2021, recorded another all-time low against the US dollar at the close of trading at the parallel market. It’s N550 against $1. It has never been so terrible for the naira against the US dollar, two other major currencies gained more against naira, one pound was N750 while one

The Central Bank of Nigeria (CBN) has vowed to revoke for a year the foreign exchange operating licence of any bank that engage FX malpractices The apex stated this in a circular entitled, “Observance of due diligence in the processing of foreign exchange transactions” which was signed by its Director of Trade and Exchanges Dr.