How much did Nigeria spend on subsidy payments under Buhari? Nigeria spent about N16.9 trillion or $36.6 billion as a subsidy on the importation of 132.24 billion litres of Petrol into Nigeria under the Muhammadu Buhari-led government between June 2015 to June 2023. The exchange rate is based on May 16, 2023, at $/461. The exchange […]
Subsidy Payment in Nigeria Between June 2015 to June 2023 Read More »
The pressure on the Naira remains unsolved as it crashed yet again to $/N970 against the US dollar at the unofficial market on Tuesday, September 19, 2023. It is the latest record low for the Nigerian currency after it exchanged for $/N965 at the parallel market a day earlier. Some of the operators of the
Naira Crashes To $/N970 at Parallel Market Read More »
In 2021, exports from Italy to the rest of the world were valued at $597 Billion USD, making the country ranked No. 7 in terms of exports among 226 countries. Italy also imported goods and services worth $570 Billion USD , according to The Observatory Economic Complexity (OEC). But this article focuses on Italy’s top
Top 20 Products Italy Export the Most Read More »
The core reasons why a country might redenominate are to fight high inflation, to simplify accounting, for political reasons, to boost investor’s confidence, to enhance pegging, and to show that a form of monetary reform. In 2007, Ghana redenominated its currency due to inflation. In 2009, the Zimbabwean Dollar was rebased due to hyperinflation. It
7 Reasons Why A Country May Redenominate Its Currency Read More »
Meaning of multiple exchange rate systems Multiple exchange rate systems refer to systems where a country maintains more than one official exchange rate for its currency. How it works In a multiple exchange rate setup, the apex bank may set different rates for different types of transactions or for different types of goods and services.
9 Reasons for Multiple Exchange Rate Systems and Its Problems Read More »
What is the Unification of Exchange Rates? Unification of exchange rate refers to the process through which a country that has multiple exchange rates for its currency consolidates them into a single rate. Unifying the exchange rate seeks to simplify and streamline foreign exchange systems, and it has economic, financial, and sometimes political implications. Nigeria, for
How Does Unification of Exchange Rate Work? Read More »
The Current State of Affairs of USD/NG Dollar to Naira exchange rate at the Importers’ and Exporters’ window closed at $/N747.87 on Monday, September 4, 2023, while it closed at $/N912 at the black market (the unofficial market), the same day. The Background to Dollar to Naira Rate 40 years ago (1983), $1 = N0.724,
Can the Naira Ever Be Equivalent to The US Dollar? Read More »
A former Emir of Kano, Muhammadu Sanusi II, has warned that the US Dollar to Naira could fall to N1,500, “if the CBN printed more naira” the way it did during the administration of former President Muhammadu Buhari. Sanusi, who berated how Buhari’s government managed the economy, said experts’ advice was ignored while it borrowed about NGN30
Naira Could Fall to N1,500 – Sanusi Read More »
Insufficient inflow, the gradual collapse of the production sector, especially agriculture, and the flamboyant political structure are some of the reasons the Nigerian currency is falling and may continue to do so if the government fails to address the core issues. What is the actual value of Naira? For an investor or anyone who wants
Why the Naira Is Falling Read More »
PVS: Definition, Launch Date, and How It Works Nigeria’s apex bank will launch Go- Live of the FX Price Verification System (PVS) on August 31, 2023, it said in a statement Thursday. What is Forex Price Verification System? The Forex Price Verification System is a foreign exchange price verification system designed for importers to have access to
CBN to Launch Forex Price Verification System (PVS) Read More »
