FX Market

Guaranty Trust Holding Company (now Guaranty Trust Bank) is selling US dollars to online buyers at NGN480.96/$1, research by InfomediaNG Business Solutions (IBS) has shown. Most times, commercial banks that have foreign exchange licences do not sell forex at a unified rate to customers as they determine what their rate would be. When a team […]

Again, Nigeria’s foreign exchange has broken another jinx, on the poor side as the naira falls to an all-time low against the US dollar at the official rate as $1 traded at NGN422.07 at the close of trading. When the Nigerian currency’s depreciation at the black market rate continued some weeks back, the apex bank’s

Nigeria is in a dire economic crisis as the country uses 40% of its foreign exchange to import the resources it produces as non of its refineries remain redundant. The country is one of the major producers of crude oil, yet it finds it difficult to refine the fuel it consumes daily, but the Nigerian

The pressure on naira at the parallel market isn’t over as one USD was traded at N575 Wednesday, October 6, 2021 in locations like Allen, Opebi, Isale-Eko, and other parts of Nigeria’s commercial city At Challenge, Ibadan, Oyo State capital, the black market rate was between N575-N570/$1, depending on your negotiation power. On Binance peer-to-peer

The Naira doesn’t show any sign of regaining its value against other major foreign currencies soon as it continues to nose-dive at the foreign exchange market. On Thursday, September 30, 2021, one US dollar sells for N580 at the black market, if you’re buying, and it’s N570 if you are the seller, showing a gap

The naira continues to fall in the foreign exchange market even as abokifx, which was accused by the Central Bank of Nigeria (CBN) of “being responsible” for the bad performance of the naira against major foreign currencies. At the time of this report, the British Pound Sterling was selling for N780 at the parallel market while

On August 31, the Central Bank of Nigeria (CBN) said it discovered some Nigerians who bought forex for Personal Travel Allowance (PTA ) and Business Travel Allowance (BTA) with fake visas at designated banks, a practice that could lead to the blockage of account details of such defaulters or face prosecution. The apex bank immediately

The depreciation of the Nigerian currency lately calls for worry, from N199/$1 at the time President Muhammadu Buhari and his APC-led government took over to N576/$1 at the time of publication, it would not be economically palatable for Godwin Emefiele, a successful GMD at Zenith Bank and a former finance lecturer, to leave behind a

Two days after Abokifx suspended black market rate on its foreign exchange tracking website, Naira has depreciated further. On Monday, September 20, 2021, $1 was N575 in some parts of Lagos, even as Abokifx removed all the updates on its website, following a threat from the Central Bank of Nigeria (CBN) on Friday, September 17,