FX Market

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GTCO Sells US Dollar At NGN480.96/$1 To Online Buyers

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 […]

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Does Buhari Have The Capacity To Lift 100million Nigerians Out of Poverty

Naira Falls To NGN422/USD At Official Rate, The Worst In History

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

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usdollar_to_naira_exchange_rate_parallel_market

5 Implications of Using 40 Percent of Forex For Fuel Importation in Nigeria

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

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Foreign Exchange Market Nigeria Dollar To Naira

US Dollar Goes For NGN575 At Black Market Rate Today October 6, 2021

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

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History of Official Exchange Rate in Nigeria From Gowon Regime to Present

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 N1,435.55 on NAFEM after the Central Bank of Nigeria stopped ‘subsidizing’ the value of the Nigerian currency. Here is the timeline of the

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Foreign Exchange Market Nigeria Dollar To Naira

Naira Falls Further At Parallel Market, $1 Exchanges For N580

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

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British Pound Sterling To Naira

Naira Falls to N780 Against British Pound, Heads Towards N800 to £1

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

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Names of Nigerians Who Bought Forex With Fake Visas And Their Account Details

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

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abokifx suspends forex update on its website

Naira Falls To N575 Against US Dollar As AbokiFX Suspends Black Market Rate Update

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,

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