Foreign Exchange

US dollar how to pay off business debt

No Longer At Ease With The Naira, 1USD Now N532 At Parallel Market, Who Should We Blame?

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 […]

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Some Nigerians Use Fake Visas To Buy PTA and BTA – CBN, Vows To Expose Forex Defaulters

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

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British Pound Sterling To Naira

1.7 million Nigerians in Diaspora Send $65.34bn Back Home In 3 years

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

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Foreign Exchange Market Nigeria Dollar To Naira

CBN Freezes Accounts of 18 Companies for Suspected Forex Violations

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

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British Pound Sterling To Naira

Microfinance Banks That Trade In Forex To Lose Licence – CBN

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

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British Pound Sterling To Naira

How Many Pound Sterling Do You Need To Have N1million in Nigeria?

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

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3 Ways To Receive PTA Payments To GTCO Account in Nigeria

Commercial banks in Nigeria are seriously implementing the order of the Central Bank of Nigeria (CBN) as par the establishment of Forex Teller Points to simplified access to foreign exchange for Personal Travel Allowanace (PTA), Business Travel Allowance (BTA), medicals, and foreign school fees payment. While the Direct Money Banks (DMBs) continue to implement the

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