Forex

The Nigerian currency is at its lowest ebb ever. It has never experienced the kind of depreciation it is currently undergoing since it became the official currency on January 1, 1973. With the current exchange rate of the Naira against the United States Dollar, which stands at $1/N1,517.204 according to the CBN rate, the national […]

WorldRemit, MoneyGram, and other International Money Transfer Operators (IMTOs) will cease releasing dollars or other foreign currencies to Nigerians. Instead, remittances will now be processed and converted to Naira, with the recipient’s account being credited in the local currency. More than 50 licenced IMTOs are operating in Nigeria, they include Sendwave, MoneyGram, WorldRemit, Remitly, and

Pyoneer can no longer send dollars and other foreign currencies to Nigeria. This change is due to banks in the country implementing the latest foreign exchange guidelines set by the Central Bank of Nigeria (CBN). This marks a departure from previous practices where freelancers could transfer funds from their Payoneer account directly to their domiciliary

The Central Bank of Nigeria (CBN) is bringing another twist to Nigeria’s foreign exchange market by removing  ±2.5% cap spread on interbank FX transactions. The latest announcement overrides the initial practice when there was ±2.5% cap spread on FX transactions. The apex bank noted that the removal of spread would enhance a market-based price discovery

CFD trading has become very popular over the years. The advancements in technology and online trading platforms have made all CFD instruments easily accessible and tradable for everyone. You can explore multiple markets with CFD trading, one of which is the dynamic forex market. Forex CFDs have become one of the most traded instruments on

The Somalian currency (SOS) is now stronger than the Naira. 1 SOS can buy N2.8, meaning 50,000 SOS is equivalent to 140,000 naira at the time of publication, just as a foreign exchange crisis envelops Africa’s biggest economy amid acute inflation. SOS gained 157.67 percent against the Nigerian currency from February 1, 2023, to February

Just a few minutes after the Naira slid to $/N1,220 against the US Dollar at the parallel market on Monday, October 23, President Bola Tinubu has assured Nigerians that he is not relenting in making sure that foreign exchange liquidity improves. On Monday, Naira experienced its worst value against the USD in history closing at

A financial analyst Kalu Aja has proffered solutions to the lingering FOREX crisis in Nigeria, saying it is possible for the country to achieve a $/N500 exchange rate. At the time of publication, the US dollar was exchanging at N1,165, EURO at N1,168, while British Pound was N1,350 at the parallel market. At the I

The dollar closed at $/N782.68 Thursday, October 19, 2023, according to data from the FMDQ website, while it closed at N1,160 to a dollar at the parallel market, that’s a gap of N377.32 between the Naira and the US Dollar. It’s time for Nigeria to make a bold move: to either devalue or defend the