The latest forex middleweight wrestling between the Central Bank of Nigeria (CBN) and abokifx.com isn’t just dramatic but also shows how the inconsistent foreign exchange policies of Nigeria have created a system that benefited some people to the detriment of the Nigerian economy. Abokifx is a website that tracks foreign exchange rates both at the […]
How Oniwinde Adedotun Founded Abokifx in Nigeria in 2014 Read More »
The worst is yet to be heard about the value of Naira going by the recent depreciation from NGN521 on September 1 to NGN570 Thursday, September 16, 2021. The decline in the value of naira entered a new phase since the Central Bank of Nigeria (CBN) stopped the sales of foreign currency to Bureau de
Naira Slumps To NGN570 To $1 As CBN Targets AbokiFx For Updating Black Market Rate Read More »
The Naira on Monday, September 13, 2021, recorded another all-time low against the US dollar at the close of trading at the parallel market. It’s N550 against $1. It has never been so terrible for the naira against the US dollar, two other major currencies gained more against naira, one pound was N750 while one
1 USD Now N550, Targets N600/$ Before December 2021 Read More »
There are speculations that the Central Bank of Nigeria (CBN) might pounce on foreign currencies in domiciliary accounts and convert such to naira in order to stabilise the foreign market. The rumour first surfaced on social media that the apex would be converting to naira domiciliary account holdings How True Is This Report? The same
Fact Check: Is CBN Planning To Convert Domiciliary Account to Naira? Read More »
The Central Bank of Nigeria (CBN) has vowed to revoke for a year the foreign exchange operating licence of any bank that engage FX malpractices The apex stated this in a circular entitled, “Observance of due diligence in the processing of foreign exchange transactions” which was signed by its Director of Trade and Exchanges Dr.
CBN to Revoke Forex Operating Licence of Banks That Engage in Sharp Practices Read More »
It foreign exchange market at the parallel market isn’t palatable for businesses who can not access forex through financial institutions. At the opening of trading Wednesday it was N532 against one US dollar, but a few minutes later it dropped again to an all-time low, trading at N535 to $1, that’s the lowest value of
Naira Continues Its Free Fall As $1 Exchanges For N535 At Black Market Rate Read More »
The Central Bank of Nigeria has confirmed that it is aware that some Nigerians used fake visas and deliberately cancel their air tickets after purchasing Personal Travel Allowance and Business Travel Allowance. Recall that the apex bank mandated financial institutions to make PTA and BTA accessible to Nigerians who need forex to settle important needs
Some Nigerians Use Fake Visas To Buy PTA and BTA – CBN, Vows To Expose Forex Defaulters Read More »
Data from the World Bank has revealed that Nigerians in diaspora remitted $65.34bn back home between 2018 to 2020. While there are over 10 million, according to unofficial figure, Nigerians abroad, the official figure by the United Nations Department of Economic and Social Affairs put the number at 1.7 million. Using the official number of
1.7 million Nigerians in Diaspora Send $65.34bn Back Home In 3 years Read More »
UPDATE: Almost two years after the bank accounts of some companies and individuals were frozen, Nigeria’s apex bank on Tuesday, July 26, 2023, directed banks to vacate a post-no-debit restriction placed on the affected accounts. In a circular signed by A.M. Barau on behalf of the Central Bank of Nigeria (CBN), directed the banks to notify the concerned
CBN Freezes Accounts of 18 Companies for Suspected Forex Violations Read More »
It was January 1, 1973, when the Nigerian pound was replaced with the naira, 1 pound exchanged for N2. It was indeed a happy new year for every Nigerian who had been dreaming that one day the country would have her own currency that didn’t have colonialism undertone. We never knew the same recycled leaders
How Many Pound Sterling Do You Need To Have N1million in Nigeria? Read More »
