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 […]
USD/NGN Exchange Rate May 9, 2022 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.
Pros and Cons of CBN’s Decision To Stop Selling Forex To Banks 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
History of Official Exchange Rate in Nigeria From Gowon Regime to Present 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 »
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
CBN defends naira with $4.37bn in three months Read More »
The U.S. Dollar is a global currency and the most widely used in the world, particularly for international trade. Sao Tome & Principe Dobra (STD), Sierra Leonean Leone (SLL), Guinean Franc (GNF), Malagasy Ariary, and Ugandan Shilling are the five weakest currencies in Africa as of February 1, 2024. Here is what the exchange rate is like between the USD
10 Weakest Currencies in Africa Against The USD in 2024 Read More »
Dollar to Naira Exchange Rate this week Monday, December 14, 2020, to Friday, December 18, 2020, is going to be interesting and here are the five things that could trigger a slight spike in the value of US dollar against the Nigerian Naira this week. Last week between Monday, December 7 to Friday, December 11,
5 Things to Watch in Dollar To Naira This Week December 14, 2020 Read More »
The daily parallel market exchange rate closed at ₦475/1USD as Nigeria dived into the first weekend in the month of December (Friday, Dec 4, 2020). It showed a slight depreciation from the previous day, Thursday, December 3, when trading at the black market closed at N470/1$. We’re also seeing the effect of the latest policy
Naira-Dollar Closes At N475/1USD At Parallel Market On December 4, 2020 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
US Dollar Sells for N495 At Parallel Market, Hours After CBN Comment on Forex 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
Parallel Market Is Shallow Godwin Emefiele Read More »
