The daily parallel market exchange rate closed at ₦475/1USD as Nigeria dived into the first weekend in the month of December (Friday, Dec 4, 2020). It showed a slight depreciation from the previous day, Thursday, December 3, when trading at the black market closed at N470/1$. We’re also seeing the effect of the latest policy … Read more
Hey, have you read the latest CBN directive on remittances? If you haven’t, we’ll tell you more about it and the influence of IMTOs on foreign currency exchange rate in Nigeria. Quick one: The receipt and administration of diaspora remittances into Nigeria kicked off on December 4, 2020, as directed by the Central Bank of … Read more
The Nigerian Naira now goes for N495 against one US dollar at the parallel market at the close of trading Thursday, November 27, 2020, it’s the worse exchange rate in weeks. The latest worsening value of Naira/USD comes a few hours after the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele took a … Read more
Governor of Nigeria’s apex bank Godwin Emefiele has said that the parallel market is shallow and illegal, patronise by those who engage in illicit transactions and for “corruption purposes” He stated this at the end of the last 2020 Monetary Policy Committee (MPC) meeting, in Abuja. He said it is unfair to use the parallel market rate … Read more
I watched the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele speak on the activities of speculators on the foreign exchange on TV, he looked and sounded helpless. I sympathise with him because some of the measures put in place by the apex bank are not producing the desired impact at stabilising forex. … Read more
The pressure on the Nigerian currency persists as Naira depreciated further Wednesday, hitting N478 against 1US Dollar. It closed at N470/$1 at the parallel market on Friday, November 13 while it started the week on a more disappointing way, it sold for N475 against the US dollar which it maintained till the close trading on … Read more
Between November 11-November 13, 2020, the interventions of the Central Bank of Nigeria (CBN) seemed to be losing impact as Naira weakened against the US dollar. It’s N470/1USD at the parallel market at the close of business on Friday, November 13, 2020, a data from abokifx.com revealed. On November 11, it’s N466/1USD, by the second … Read more
Nigeria’s foreign exchange reserves have fallen to $35.63 billion, should investors be worried? The latest from the Central Bank of Nigeria (CBN) has shown Nigeria’s FX has declined, indicating the lowest level since August 2020. Nigeria’s reserves have not been impressive since the outbreak of COVID-19 pandemic. In October 28, it declined to $35.69bn from $35.74bn … Read more
Until September 24, 2020, GTBank domiciliary account was the best in Nigeria, there is no gainsaying about that. But that seems to have changed following the present withdrawal issue being faced by dom account holders with the bank, they can neither make a transfer to another account or withdraw. UPDATE: Information we got from operators of … Read more
Bureau De Change (BDC) is any company that is licensed by the Central Bank of Nigeria (CBN) to carry out small-scale foreign exchange business in Nigeria. BDCs are regulated by the apex bank and as such, they are expected to carry out their dealings in line with the monetary policy of the CBN, unfortunately, the … Read more
