It’s no longer at ease with the naira as it shrinks at the black market Friday, May 20, 2022, selling at NGN610 against the United States Dollar. The latest USD/NGN exchange rate isn’t surprising because of the political tension from the parties’ primaries building up ahead of the 2023 general elections as we pointed out …
USD/NGN Falls to NGN610 at Black Market May 20, 2022 Read More »
As Nigeria’s two major political parties warm up for primaries ahead of the 2023 general elections, more pressure is on the already pressurised Nigerian currency. It closed at NGN605 against the US dollar on Thursday, May 19, 2022, at the black market in major cities. USD/NGN exchange rate closed at NGN602 a day earlier and …
USD/NGN Closes at NGN605 May 19, 2022 As Parties’ Primaries Approach Read More »
The foreign exchange market has become a free for all, just as the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has technically abandoned his primary responsibility as the head of the apex bank for a political ambition. While USD/NGN is NGN415.83 (sell) and NGN413.83 (buy) on the CBN FX rate page, it’s a different …
USD to Naira Exchange Rate May 12, 2022 As Naira Depreciates Further 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 …
The forex market is the most dynamic market in Nigeria and, of course, around the world. Today, Wednesday, May 4, 2022, there were slight changes as buy/sell reaches NGN580/NGN590 at the close of trading. Many factors are responsible for the change in the exchange rate: both internal and external. We tracked the changes in the …
USD/NGN Exchange Rate May 4, 2022, At Close of Trading Read More »
Cryptocurrency Peer-To-Peer trading in Nigeria continues to surge. And of course, that has impacted the exchange rate on popular P2P platform in Nigeria. At the time of publication, a US dollar is worth between NGN590 to NGN591 on Binance P2P platform. What does this mean? It means a crypto buyer willing to bitcoin or any …
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. …
Pros and Cons of CBN’s Decision To Stop Selling Forex To Banks Read More »
On Wednesday, January 26, 2022, the US dollar traded at NGN575 at the parallel market while hyperinflation has made the value of the Nigerian currency worthless in its purchasing power. As a result of this and other issues, the Chief Executive Officer (CEO) of Nigeria Economic Summit Group (NESG), Mr. Laoye Jaiyeola, said it isn’t advisable for …
Why You Should Not Store Your Money in Naira – NESG DG Read More »
Nigerian exchange rate policy has been changing since the introduction of the Naira as the official Nigerian currency. From $/N0.68 in 1972 to $/N847.77 (NAFEM rate at the time of updating this article), here is the history of the official exchange in Nigeria from 1972 to 2023. From multiple exchange rates to the unification of …
History of Official Exchange Rate in Nigeria From 1972 To 2023 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 …
Requirements to Open a Domiciliary Account in Nigeria Read More »