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 … Read more
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 … Read more
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 … Read more
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 … Read more
In 1972, one U.S. dollar to naira was N0.658, meaning the Nigerian currency was strong against the USD and other foreign exchange. Today, the naira is in bad shape. At the time of this update, $1 is valued at N445.47 at the Central Bank of Nigeria exchange rate while it’s over NGN700/USD at the parallel … Read more
Summary: A Federal lawmaker is proposing a bill to force the CBN to close all domiciliary accounts in Nigeria as one of the measures to make the Naira regain its value. Can the implementation of such economic advice make $1 to N1? We examine some of the implications of stopping Nigerians from operating dom accounts … Read more
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 … Read more
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 … Read more
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 … Read more
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 … Read more
