You may spend some months or years (depending on your connection) in jail if you are caught buying US dollars with the Nigerian currency, says the apex bank of the most populous African country. The latest monetary policy became a necessity as the Naira continues to “Lu’le” (that is fall) against other global currencies while …
You May Go To ‘Jail’ for Buying US Dollar with Naira Read More »
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 …
USD/NGN Closes at NGN605 May 19, 2022 As Parties’ Primaries Approach Read More »
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 …
USD to Naira Exchange Rate May 12, 2022 As Naira Depreciates Further Read More »
As the 2023 presidential election becomes intense by the hours, it is clear that the political audacity of the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele will cause more havoc to Nigeria’s monetary system. The CBN governor is more interested in succeeding Muhammadu Buhari than focusing on its primary role of stabilising …
The forex market is the most dynamic market in Nigeria and, of course, around the world. Today, Wednesday, May 4, 2022, there were slight changes as buy/sell reaches NGN580/NGN590 at the close of trading. Many factors are responsible for the change in the exchange rate: both internal and external. We tracked the changes in the …
USD/NGN Exchange Rate May 4, 2022, At Close of Trading Read More »
The naira is a legal tender of Nigeria. It uses ₦ (sign) and NGN (code). The Nigerian currency is in coins and banknotes. But the coins have died a natural death due to high inflation making them lose their total value and relevance in the economy. Naira Design On November 23, 2022, NGN200, NGN500, and NGN1,000 get a new design, which …
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 …
Why You Should Not Store Your Money in Naira – NESG DG Read More »
On Friday, June 9, 2023, President Bola Ahmed Tinubu suspended the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele and ordered a probe into his financial dealings during his reign at the apex ban. Everyone had expected it since Tinubu was sworn in on May 29, 2023, but what was surprising to many …
Profile of Godwin Emefiele, Suspended CBN Governor Read More »
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 …
Emefiele Will Not Resign, CBN Fires Back At Critics Read More »
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 …