Naira

Foreign Exchange Market Nigeria Dollar To Naira

USD/NGN Closes at NGN605 May 19, 2022 As Parties’ Primaries Approach

As Nigeria’s two major political parties warm up for primaries ahead of the 2023 general elections, more pressure is on the already pressurised Nigerian currency. It closed at NGN605 against the US dollar on Thursday, May 19, 2022, at the black market in major cities. USD/NGN exchange rate closed at NGN602 a day earlier and …

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Emefiele And Buhari Forex crisis at its peak

USD to Naira Exchange Rate May 12, 2022 As Naira Depreciates Further

The foreign exchange market has become a free for all, just as the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has technically abandoned his primary responsibility as the head of the apex bank for a political ambition. While USD/NGN is NGN415.83 (sell) and NGN413.83 (buy) on the CBN FX rate page, it’s a different …

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volume of naira in circulation in Nigeria for 2020

Why You Should Not Store Your Money in Naira – NESG DG

On Wednesday, January 26, 2022, the US dollar traded at NGN575 at the parallel market while hyperinflation has made the value of the Nigerian currency worthless in its purchasing power. As a result of this and other issues, the Chief Executive Officer (CEO) of Nigeria Economic Summit Group (NESG),  Mr. Laoye Jaiyeola, said it isn’t advisable for …

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Emefiele And Buhari Forex crisis at its peak

Emefiele Will Not Resign, CBN Fires Back At Critics

As the domino effect at the foreign exchange market which is spearheaded by “Lieutenant-General” Godwin Emefiele continues, the apex bank says its boss would not resign. Emefiele, a former Finance and Insurance lecturer and also an ex-GMD of Zenith Bank, has been at the centre of forex controversy following the humiliating value of the naira …

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Parallel Market Is Shallow Godwin Emefiele

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 …

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