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 […]
Dollar To Naira
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.
The pressure on the Nigerian currency persists as Naira depreciated further Wednesday, hitting N478 against 1US Dollar. It closed at N470/$1 at the parallel market on Friday, November 13 while it started the week on a more disappointing way, it sold for N475 against the US dollar which it maintained till the close trading on
Between November 11-November 13, 2020, the interventions of the Central Bank of Nigeria (CBN) seemed to be losing impact as Naira weakened against the US dollar. It’s N470/1USD at the parallel market at the close of business on Friday, November 13, 2020, a data from abokifx.com revealed. On November 11, it’s N466/1USD, by the second
Nigeria’s foreign exchange reserves have fallen to $35.63 billion, should investors be worried? The latest from the Central Bank of Nigeria (CBN) has shown Nigeria’s FX has declined, indicating the lowest level since August 2020. Nigeria’s reserves have not been impressive since the outbreak of COVID-19 pandemic. In October 28, it declined to $35.69bn from $35.74bn
Until September 24, 2020, GTBank domiciliary account was the best in Nigeria, there is no gainsaying about that. But that seems to have changed following the present withdrawal issue being faced by dom account holders with the bank, they can neither make a transfer to another account or withdraw. UPDATE: Information we got from operators of
As pressure on the Nigerian currency persists, one of our readers has asked, ‘Is it possible to purchase dollars directly from the Central Bank of Nigeria (CBN)? The straightforward answer is NO. However, we’ll share some tips on accessing foreign exchange from Nigeria’s apex bank through financial institutions after the CBN halted the sale of