Domiciliary account holders can now convert their dollars to Naira instantly on GTBank internet banking platform. In a message sent to infomediang.com Monday, June 26, 2023, Guaranty Trust Holding Company Plc (GTCO Plc) said: “You can now convert US dollars in your GTbank domiciliary account to naira directly on our platform. It’s instant as a regular … Read more
As the 2023 presidential election becomes intense by the hours, it is clear that the political audacity of the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele will cause more havoc to Nigeria’s monetary system. The CBN governor is more interested in succeeding Muhammadu Buhari than focusing on its primary role of stabilising … Read more
On Thursday, February 10, 2022, the governor of the Central Bank of Nigeria (CBN) disclosed that the apex bank would stop selling forex to banks. The new FX policy, according to Godwin Emefiele, would begin before the end of 2022, calling on the Deposit Money Banks (DMBs) to begin to source forex to meet their obligations. … Read more
When Nigeria adopted the Naira as its currency on January 1, 1973, the US Dollar was just 68 kobo to a Naira (less than one naira). However, today, 1 USD is worth N1,300 on NAFEM after the Central Bank of Nigeria stopped ‘subsidizing’ the value of the Nigerian currency. Here is the timeline of the … Read more
Domiciliary Account allows individuals, businesses and corporate organisations to receive and make payments in foreign currencies. The Central Bank of Nigeria (CBN) frowns at using such accounts for illicit activities. So, what are the benefits of having a domiciliary account in Nigeria? As such the apex bank issued a circular on the domiciliary account and … Read more
The foreign exchange market gulp $4.37bn in the third quarter of 2020 as one of the moves by the Central Bank of Nigeria (CBN) to stabilize the naira. The third-quarter economic report of the apex bank revealed that the CBN’s periodic interventions in the forex market is targeted at boosting the supply side of the market. Since … Read more
The U.S. Dollar is a global currency and the most widely used in the world, particularly for international trade. Sao Tome & Principe Dobra (STD), Sierra Leonean Leone (SLL), Guinean Franc (GNF), Malagasy Ariary, and Ugandan Shilling are the five weakest currencies in Africa as of February 1, 2024. Here is what the exchange rate is like between the USD … Read more
Dollar to Naira Exchange Rate this week Monday, December 14, 2020, to Friday, December 18, 2020, is going to be interesting and here are the five things that could trigger a slight spike in the value of US dollar against the Nigerian Naira this week. Last week between Monday, December 7 to Friday, December 11, … 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