It foreign exchange market at the parallel market isn’t palatable for businesses who can not access forex through financial institutions. At the opening of trading Wednesday it was N532 against one US dollar, but a few minutes later it dropped again to an all-time low, trading at N535 to $1, that’s the lowest value of […]
Naira Continues Its Free Fall As $1 Exchanges For N535 At Black Market Rate Read More »
In the 1970s, the naira has more value than the US dollar, but today, it’s no longer at ease – as Prof Achebe described the homecoming of Okonkwo – with the Nigerian currency. The late icon, Prof. Chinua Achebe, was a prophet. All his works from 1960 till date paint the happenings and what could
No Longer At Ease With The Naira, 1USD Now N532 At Parallel Market, Who Should We Blame? Read More »
The Central Bank of Nigeria has confirmed that it is aware that some Nigerians used fake visas and deliberately cancel their air tickets after purchasing Personal Travel Allowance and Business Travel Allowance. Recall that the apex bank mandated financial institutions to make PTA and BTA accessible to Nigerians who need forex to settle important needs
Some Nigerians Use Fake Visas To Buy PTA and BTA – CBN, Vows To Expose Forex Defaulters Read More »
The naira has witnessed its worst exchange rate since Nigeria gained independence in 1960 as 1 USD is valued at N527 on August 31, 2021 On the close of business on August 30, it slides to N527 from N524 (August 27) at the parallel market. It is its all-time low ever At the official rate
Naira Ends August 2021 at N527 to 1USD, The Worst Since 1960 Read More »
Data from the World Bank has revealed that Nigerians in diaspora remitted $65.34bn back home between 2018 to 2020. While there are over 10 million, according to unofficial figure, Nigerians abroad, the official figure by the United Nations Department of Economic and Social Affairs put the number at 1.7 million. Using the official number of
1.7 million Nigerians in Diaspora Send $65.34bn Back Home In 3 years Read More »
UPDATE: Almost two years after the bank accounts of some companies and individuals were frozen, Nigeria’s apex bank on Tuesday, July 26, 2023, directed banks to vacate a post-no-debit restriction placed on the affected accounts. In a circular signed by A.M. Barau on behalf of the Central Bank of Nigeria (CBN), directed the banks to notify the concerned
CBN Freezes Accounts of 18 Companies for Suspected Forex Violations Read More »
Microfinance banks that trade in dollars, pound sterling, euro, and any other foreign currencies will lose their operating licence, the Central Bank of Nigeria (CBN) has threatened. The threat is a continuous move by the apex bank to sanitise the forex market which had been abused severally. In a circular warning all MFBs in Nigeria
Microfinance Banks That Trade In Forex To Lose Licence – CBN Read More »
It was January 1, 1973, when the Nigerian pound was replaced with the naira, 1 pound exchanged for N2. It was indeed a happy new year for every Nigerian who had been dreaming that one day the country would have her own currency that didn’t have colonialism undertone. We never knew the same recycled leaders
How Many Pound Sterling Do You Need To Have N1million in Nigeria? Read More »
The pressure on the Nigerian naira continues Thursday, August 19, 2021, as it fell to N520 against the US dollar at the parallel market. The naira started with N517/USD, after staying steady at 515/$ on August 18 It’s N410.11 at the CBN rate and it’s N411.75/USD at the Investors and Exporters’ window Wednesday night. The strongest
Naira Falls Further to N520 Against US Dollar Read More »
UPDATE: Bank accounts of six forex trading companies that were frozen in 2021 have now been unfrozen by Nigeria’s apex bank on Tuesday, July 25, 2023 in a circular by the bank. The Central Bank of Nigeria has placed post-no-debit (PnD) on the accounts of the foreign exchange trading platforms for suspected violations of the
CBN Freezes Accounts of 6 Forex Trading Platforms Read More »
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