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  •  The following are the dollar to naira exchange rate in Lagos Nigeria today It also includes the Naira Back Market rates Bureau De Change BDC rate and Central Bank of Nigeria CBN rates nbsp https www youtube com watch v T_Pmf3rRxvc nbsp nbsp Dollars to Naira The following are the dollar to naira current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying United States dollars USD at the parallel unofficial market Dollars to Naira USD to NGN Exchange Rate Today Buying Rate 770 Selling Rate 775 nbsp gggggg nbsp Pounds to Naira The following are the current pounds to naira black market rates today of Bureau De Change BDC operators in Lagos for selling and buying Great Britain Pound Sterling at the parallel unofficial market Pounds to Naira GBP to NGN Exchange Rate Today Buying Rate 910 Selling Rate 920 nbsp gggggg nbsp Euro to Naira The following are the current Euro to naira black market rates today of Bureau De Change BDC operators in Lagos for selling and buying Euros at the parallel unofficial market Euro to Naira CAD to NGN Black Market Exchange Rate Today Buying Rate 760 Selling Rate 770 nbsp gggggg Canadian Dollar to Naira The following are the current CAD to naira black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Canadian Dollars at the parallel unofficial market Canadian Dollar to Naira CAD to NGN Black Market Exchange Rate Today Buying Rate 540 Selling Rate 560 nbsp gggggg Rand to Naira The following are the current Rand to naira black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Rand to Naira at the parallel unofficial market Rand to Naira ZAR to NGN Black Market Exchange Rate Today Buying Rate 31 Selling Rate 38 nbsp gggggg Dirham to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Dirham to Naira at the parallel unofficial market Dirham to Naira AED to NGN Black Market Exchange Rate Today Buying Rate 155 Selling Rate 165 nbsp gggggg nbsp Yuan to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Yuan to Naira at the parallel unofficial market Yuan to Naira CNY to NGN Black Market Exchange Rate Today Buying Rate 80 Selling Rate 90 nbsp gggggg nbsp Ghanaian Cedi to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel unofficial market Cedi to Naira GHS to NGN Black Market Exchange Rate Today Buying Rate 65 Selling Rate 75 nbsp gggggg West African CFA franc to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying West African CFA franc to Naira at the parallel unofficial market Dirham to Naira XOF to NGN Black Market Exchange Rate Today Buying Rate 945 Selling Rate 965 nbsp nbsp Central African CFA franc to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel unofficial market CFA to Naira XAF to NGN Black Market Exchange Rate Today Buying Rate 900 Selling Rate 920 nbsp CBN Official Naira Exchange Rates The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria CBN Currency Exchange Rate where forex is official Date Currency Buying NGN Central NGN Selling NGN 11 22 2022 US DOLLAR 442 76 443 26 443 76 11 22 2022 POUNDS STERLING 525 7775 526 3713 526 965 11 22 2022 EURO 454 5374 455 0507 455 564 11 22 2022 SWISS FRANC 463 6716 464 1952 464 7188 11 22 2022 YEN 3 1359 3 1395 3 143 11 22 2022 CFA 0 6719 0 6819 0 6919 11 22 2022 WAUA 576 3837 577 0346 577 6855 11 22 2022 YUAN RENMINBI 62 0103 62 0808 62 1513 11 22 2022 RIYAL 117 8023 117 9353 118 0684 11 22 2022 SOUTH AFRICAN RAND 25 6548 25 6837 25 7127 11 22 2022 DANISH KRONA 61 0998 61 1688 61 2378 11 22 2022 SDR 577 4033 578 0554 578 7074 11 21 2022 US DOLLAR 442 63 443 13 443 63 11 21 2022 POUNDS STERLING 522 6132 523 2036 523 7939 11 21 2022 EURO 453 4744 453 9867 454 4989 11 21 2022 SWISS FRANC 461 9391 462 4609 462 9827 11 21 2022 YEN 3 1171 3 1206 3 1242 11 21 2022 CFA 0 6795 0 6895 0 6995 11 21 2022 WAUA 579 6684 580 3232 580 978 11 21 2022 YUAN RENMINBI 61 7594 61 8296 61 8998 11 21 2022 RIYAL 117 7646 117 8976 118 0306 11 21 2022 SOUTH AFRICAN RAND 25 4593 25 488 25 5168 11 21 2022 DANISH KRONA 60 954 61 0229 61 0918 11 21 2022 SDR 580 9519 581 6081 582 2644 11 18 2022 US DOLLAR 442 49 442 99 443 49 Date Currency Buying NGN Central NGN Selling NGN nbsp Click here for more of the CBN Naira Exchange rate historical data nbsp GTBank Naira Exchange Rates Bank Currency Rate Date GTBank USD to Naira 490 16 10 2022 nbsp First Bank Naira Exchange Rates Currency Rate Date GBP 706 05 09 2022 EUR 602 18 07 2022 CAD 466 18 07 2022 USD 500 04 07 2022 INR 5 80 01 05 2021 RUB 6 20 01 05 2021 nbsp Access Bank Naira Exchange Rates Currency Rate Date USD To Naira 505 30 04 2022 EUR To Naira 531 31 08 2021 GBP To Naira 621 28 08 2021 CAD To Naira 357 18 08 2021 ZAR To Naira 31 18 08 2021 INR To Naira 6 18 08 2021 TRY To Naira 52 18 08 2021 AUD To Naira 299 01 05 2021 RUB To Naira 7 10 01 05 2021 SGD To Naira 268 01 05 2021 AED To Naira 109 26 11 2020 XOF To Naira 800 15 08 2020 nbsp UBA Naira Exchange Rates Currency Rate Date INR To Naira 6 12 15 10 2022 USD To Naira 503 29 04 2022 EUR To Naira 566 31 08 2021 GBP To Naira 622 23 07 2021 CAD To Naira 316 01 05 2021 AED To Naira 119 08 08 2020 nbsp Ecobank Naira Exchange Rates Currency Rate Date USD To Naira 480 23 03 2022 GBP To Naira 621 23 07 2021 EUR To Naira 499 45 16 06 2021 AED To Naira 107 15 08 2020 CAD To Naira 299 30 06 2020 INR To Naira 5 9 25 06 2020 nbsp Stanbic Bank Naira Exchange Rates Currency Rate Date USD To Naira 475 21 01 2022 EUR To Naira 543 22 07 2021 GBP To Naira 646 03 06 2021 CAD To Naira 337 01 05 2021 TRY To Naira 69 01 05 2021 nbsp nbsp Convert US Dollar to Nigerian Naira 1 USD Dollar is 442 134 NGN USD NGN 1 USD 442 134 NGN 5 USD 2 210 67 NGN 10 USD 4 421 34 NGN 25 USD 11 053 4 NGN 50 USD 22 106 7 NGN 100 USD 44 213 4 NGN 500 USD 221 067 NGN 1 000 USD 442 134 NGN 5 000 USD 2 210 670 NGN 10 000 USD 4 421 340 NGN 50 000 USD 22 106 700 NGN nbsp Convert Nigerian Naira to US Dollar NGN USD 1 NGN 0 00226176 USD 5 NGN 0 0113088 USD 10 NGN 0 0226176 USD 25 NGN 0 0565439 USD 50 NGN 0 113088 USD 100 NGN 0 226176 USD 500 NGN 1 13088 USD 1 000 NGN 2 26176 USD 5 000 NGN 11 3088 USD 10 000 NGN 22 6176 USD 50 000 NGN 113 088 USD nbsp 1 US Dollar to Nigerian Naira stats Last 30 Days Last 90 Days High 442 67 442 67 Low 436 36 420 31 Average 439 32 432 43 Volatility 0 10 0 10 nbsp The following are the euro to dollar exchange rates today It also includes the euro to pounds exchange rates euro to yen exchange rates and euro to naira exchange rates among others nbsp Convert Euro to US Dollar EUR USD 1 EUR 1 04179 USD 5 EUR 5 20895 USD 10 EUR 10 4179 USD 25 EUR 26 0447 USD 50 EUR 52 0895 USD 100 EUR 104 179 USD 500 EUR 520 895 USD 1 000 EUR 1 041 79 USD 5 000 EUR 5 208 95 USD 10 000 EUR 10 417 9 USD 50 000 EUR 52 089 5 USD nbsp Convert US Dollar to Euro The following is the current United States Dollar USD conversion to Euro USD EUR 1 USD 0 959887 EUR 5 USD 4 79943 EUR 10 USD 9 59887 EUR 25 USD 23 9972 EUR 50 USD 47 9943 EUR 100 USD 95 9887 EUR 500 USD 479 943 EUR 1 000 USD 959 887 EUR 5 000 USD 4 799 43 EUR 10 000 USD 9 598 87 EUR 50 000 USD 47 994 3 EUR nbsp 1 Euro to US Dollar stats Last 30 Days Last 90 Days High 1 0395 1 0395 Low 0 97498 0 95960 Average 1 0104 0 99545 Volatility 0 81 0 70 Convert US Dollar to Euro USD EUR 10 USD 9 75844 EUR 25 USD 24 3961 EUR 50 USD 48 7922 EUR 100 USD 97 5844 EUR nbsp nbsp nbsp FAQ Q What is the Dollar worth against the Nigerian Naira A One Dollar is worth 442 655 Nigerian Naira today nbsp Q Is the Dollar going up or down against the Nigerian Naira A Today s exchange rate 442 655 is lower compared to yesterday s rate 442 8151 nbsp Q What are 50 Dollars in Nigerian Naira A 50 Dollars buys 22132 75 Nigerian Naira at interbank exchange rates nbsp Q How much is 100 US in euro A 100 USD is currently equal to 97 5844 EUR Aboki FX The Central Bank of Nigeria CBN has said it is investigating Oniwinde Adedotun the founder of abokiFX Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014 On Thursday 16th of September 2021 abokiFX reported that the naira was trading at 570 to the dollar at the parallel market An insider familiar with the events said that unusual forex transactions were found in his account suggesting the promoters of the platform have been involved in illegal forex trading The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX vetting every forex transaction from 2019 to 2021 Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation but another source within the bank said he could not confirm the rumors There would be a lot more clarity after the next monetary policy committee MPC meeting tomorrow the source said AbokiFX registered in Arizona United States is the 63rd most visited website in Nigeria as of September 16 2021 nbsp Disclaimer This article does not set or determine forex rates The official NAFEX rates are obtained from the website of the FMDQOTC Parallel market rates black market rates are obtained from various sources including online media outlets The rates you buy or sell forex may be different from what is captured in this article nbsp Last Updated on 2022 11 30 11 41 03
    Naira Black Market Exchange Rate Today
     The following are the dollar to naira exchange rate in Lagos Nigeria today It also includes the Naira Back Market rates Bureau De Change BDC rate and Central Bank of Nigeria CBN rates nbsp https www youtube com watch v T_Pmf3rRxvc nbsp nbsp Dollars to Naira The following are the dollar to naira current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying United States dollars USD at the parallel unofficial market Dollars to Naira USD to NGN Exchange Rate Today Buying Rate 770 Selling Rate 775 nbsp gggggg nbsp Pounds to Naira The following are the current pounds to naira black market rates today of Bureau De Change BDC operators in Lagos for selling and buying Great Britain Pound Sterling at the parallel unofficial market Pounds to Naira GBP to NGN Exchange Rate Today Buying Rate 910 Selling Rate 920 nbsp gggggg nbsp Euro to Naira The following are the current Euro to naira black market rates today of Bureau De Change BDC operators in Lagos for selling and buying Euros at the parallel unofficial market Euro to Naira CAD to NGN Black Market Exchange Rate Today Buying Rate 760 Selling Rate 770 nbsp gggggg Canadian Dollar to Naira The following are the current CAD to naira black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Canadian Dollars at the parallel unofficial market Canadian Dollar to Naira CAD to NGN Black Market Exchange Rate Today Buying Rate 540 Selling Rate 560 nbsp gggggg Rand to Naira The following are the current Rand to naira black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Rand to Naira at the parallel unofficial market Rand to Naira ZAR to NGN Black Market Exchange Rate Today Buying Rate 31 Selling Rate 38 nbsp gggggg Dirham to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Dirham to Naira at the parallel unofficial market Dirham to Naira AED to NGN Black Market Exchange Rate Today Buying Rate 155 Selling Rate 165 nbsp gggggg nbsp Yuan to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Yuan to Naira at the parallel unofficial market Yuan to Naira CNY to NGN Black Market Exchange Rate Today Buying Rate 80 Selling Rate 90 nbsp gggggg nbsp Ghanaian Cedi to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel unofficial market Cedi to Naira GHS to NGN Black Market Exchange Rate Today Buying Rate 65 Selling Rate 75 nbsp gggggg West African CFA franc to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying West African CFA franc to Naira at the parallel unofficial market Dirham to Naira XOF to NGN Black Market Exchange Rate Today Buying Rate 945 Selling Rate 965 nbsp nbsp Central African CFA franc to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel unofficial market CFA to Naira XAF to NGN Black Market Exchange Rate Today Buying Rate 900 Selling Rate 920 nbsp CBN Official Naira Exchange Rates The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria CBN Currency Exchange Rate where forex is official Date Currency Buying NGN Central NGN Selling NGN 11 22 2022 US DOLLAR 442 76 443 26 443 76 11 22 2022 POUNDS STERLING 525 7775 526 3713 526 965 11 22 2022 EURO 454 5374 455 0507 455 564 11 22 2022 SWISS FRANC 463 6716 464 1952 464 7188 11 22 2022 YEN 3 1359 3 1395 3 143 11 22 2022 CFA 0 6719 0 6819 0 6919 11 22 2022 WAUA 576 3837 577 0346 577 6855 11 22 2022 YUAN RENMINBI 62 0103 62 0808 62 1513 11 22 2022 RIYAL 117 8023 117 9353 118 0684 11 22 2022 SOUTH AFRICAN RAND 25 6548 25 6837 25 7127 11 22 2022 DANISH KRONA 61 0998 61 1688 61 2378 11 22 2022 SDR 577 4033 578 0554 578 7074 11 21 2022 US DOLLAR 442 63 443 13 443 63 11 21 2022 POUNDS STERLING 522 6132 523 2036 523 7939 11 21 2022 EURO 453 4744 453 9867 454 4989 11 21 2022 SWISS FRANC 461 9391 462 4609 462 9827 11 21 2022 YEN 3 1171 3 1206 3 1242 11 21 2022 CFA 0 6795 0 6895 0 6995 11 21 2022 WAUA 579 6684 580 3232 580 978 11 21 2022 YUAN RENMINBI 61 7594 61 8296 61 8998 11 21 2022 RIYAL 117 7646 117 8976 118 0306 11 21 2022 SOUTH AFRICAN RAND 25 4593 25 488 25 5168 11 21 2022 DANISH KRONA 60 954 61 0229 61 0918 11 21 2022 SDR 580 9519 581 6081 582 2644 11 18 2022 US DOLLAR 442 49 442 99 443 49 Date Currency Buying NGN Central NGN Selling NGN nbsp Click here for more of the CBN Naira Exchange rate historical data nbsp GTBank Naira Exchange Rates Bank Currency Rate Date GTBank USD to Naira 490 16 10 2022 nbsp First Bank Naira Exchange Rates Currency Rate Date GBP 706 05 09 2022 EUR 602 18 07 2022 CAD 466 18 07 2022 USD 500 04 07 2022 INR 5 80 01 05 2021 RUB 6 20 01 05 2021 nbsp Access Bank Naira Exchange Rates Currency Rate Date USD To Naira 505 30 04 2022 EUR To Naira 531 31 08 2021 GBP To Naira 621 28 08 2021 CAD To Naira 357 18 08 2021 ZAR To Naira 31 18 08 2021 INR To Naira 6 18 08 2021 TRY To Naira 52 18 08 2021 AUD To Naira 299 01 05 2021 RUB To Naira 7 10 01 05 2021 SGD To Naira 268 01 05 2021 AED To Naira 109 26 11 2020 XOF To Naira 800 15 08 2020 nbsp UBA Naira Exchange Rates Currency Rate Date INR To Naira 6 12 15 10 2022 USD To Naira 503 29 04 2022 EUR To Naira 566 31 08 2021 GBP To Naira 622 23 07 2021 CAD To Naira 316 01 05 2021 AED To Naira 119 08 08 2020 nbsp Ecobank Naira Exchange Rates Currency Rate Date USD To Naira 480 23 03 2022 GBP To Naira 621 23 07 2021 EUR To Naira 499 45 16 06 2021 AED To Naira 107 15 08 2020 CAD To Naira 299 30 06 2020 INR To Naira 5 9 25 06 2020 nbsp Stanbic Bank Naira Exchange Rates Currency Rate Date USD To Naira 475 21 01 2022 EUR To Naira 543 22 07 2021 GBP To Naira 646 03 06 2021 CAD To Naira 337 01 05 2021 TRY To Naira 69 01 05 2021 nbsp nbsp Convert US Dollar to Nigerian Naira 1 USD Dollar is 442 134 NGN USD NGN 1 USD 442 134 NGN 5 USD 2 210 67 NGN 10 USD 4 421 34 NGN 25 USD 11 053 4 NGN 50 USD 22 106 7 NGN 100 USD 44 213 4 NGN 500 USD 221 067 NGN 1 000 USD 442 134 NGN 5 000 USD 2 210 670 NGN 10 000 USD 4 421 340 NGN 50 000 USD 22 106 700 NGN nbsp Convert Nigerian Naira to US Dollar NGN USD 1 NGN 0 00226176 USD 5 NGN 0 0113088 USD 10 NGN 0 0226176 USD 25 NGN 0 0565439 USD 50 NGN 0 113088 USD 100 NGN 0 226176 USD 500 NGN 1 13088 USD 1 000 NGN 2 26176 USD 5 000 NGN 11 3088 USD 10 000 NGN 22 6176 USD 50 000 NGN 113 088 USD nbsp 1 US Dollar to Nigerian Naira stats Last 30 Days Last 90 Days High 442 67 442 67 Low 436 36 420 31 Average 439 32 432 43 Volatility 0 10 0 10 nbsp The following are the euro to dollar exchange rates today It also includes the euro to pounds exchange rates euro to yen exchange rates and euro to naira exchange rates among others nbsp Convert Euro to US Dollar EUR USD 1 EUR 1 04179 USD 5 EUR 5 20895 USD 10 EUR 10 4179 USD 25 EUR 26 0447 USD 50 EUR 52 0895 USD 100 EUR 104 179 USD 500 EUR 520 895 USD 1 000 EUR 1 041 79 USD 5 000 EUR 5 208 95 USD 10 000 EUR 10 417 9 USD 50 000 EUR 52 089 5 USD nbsp Convert US Dollar to Euro The following is the current United States Dollar USD conversion to Euro USD EUR 1 USD 0 959887 EUR 5 USD 4 79943 EUR 10 USD 9 59887 EUR 25 USD 23 9972 EUR 50 USD 47 9943 EUR 100 USD 95 9887 EUR 500 USD 479 943 EUR 1 000 USD 959 887 EUR 5 000 USD 4 799 43 EUR 10 000 USD 9 598 87 EUR 50 000 USD 47 994 3 EUR nbsp 1 Euro to US Dollar stats Last 30 Days Last 90 Days High 1 0395 1 0395 Low 0 97498 0 95960 Average 1 0104 0 99545 Volatility 0 81 0 70 Convert US Dollar to Euro USD EUR 10 USD 9 75844 EUR 25 USD 24 3961 EUR 50 USD 48 7922 EUR 100 USD 97 5844 EUR nbsp nbsp nbsp FAQ Q What is the Dollar worth against the Nigerian Naira A One Dollar is worth 442 655 Nigerian Naira today nbsp Q Is the Dollar going up or down against the Nigerian Naira A Today s exchange rate 442 655 is lower compared to yesterday s rate 442 8151 nbsp Q What are 50 Dollars in Nigerian Naira A 50 Dollars buys 22132 75 Nigerian Naira at interbank exchange rates nbsp Q How much is 100 US in euro A 100 USD is currently equal to 97 5844 EUR Aboki FX The Central Bank of Nigeria CBN has said it is investigating Oniwinde Adedotun the founder of abokiFX Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014 On Thursday 16th of September 2021 abokiFX reported that the naira was trading at 570 to the dollar at the parallel market An insider familiar with the events said that unusual forex transactions were found in his account suggesting the promoters of the platform have been involved in illegal forex trading The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX vetting every forex transaction from 2019 to 2021 Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation but another source within the bank said he could not confirm the rumors There would be a lot more clarity after the next monetary policy committee MPC meeting tomorrow the source said AbokiFX registered in Arizona United States is the 63rd most visited website in Nigeria as of September 16 2021 nbsp Disclaimer This article does not set or determine forex rates The official NAFEX rates are obtained from the website of the FMDQOTC Parallel market rates black market rates are obtained from various sources including online media outlets The rates you buy or sell forex may be different from what is captured in this article nbsp Last Updated on 2022 11 30 11 41 03
    Naira Black Market Exchange Rate Today
    Sticky Post2 hours ago

    Naira Black Market Exchange Rate Today

    The following are the dollar to naira exchange rate in Lagos Nigeria today. It also includes the Naira Back Market rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. https://www.youtube.com/watch?v=T_Pmf3rRxvc  

    Dollars to Naira

    The following are the dollar to naira current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying United States dollars (USD) at the parallel (unofficial) market.
    Dollars to Naira (USD to NGN)Exchange Rate Today
    Buying Rate₦770
    Selling Rate₦775
     gggggg 

    Pounds to Naira

    The following are the current pounds to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Great Britain Pound Sterling at the parallel (unofficial) market.
    Pounds to Naira (GBP to NGN)Exchange Rate Today
    Buying Rate₦910
    Selling Rate₦920
     gggggg 

    Euro to Naira

    The following are the current Euro to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Euros at the parallel (unofficial) market.
    Euro to Naira (CAD to NGN)Black Market Exchange Rate Today
    Buying Rate₦760
    Selling Rate₦770
     gggggg

    Canadian Dollar to Naira

    The following are the current CAD to naira black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Canadian Dollars at the parallel (unofficial) market.
    Canadian Dollar to Naira (CAD to NGN)Black Market Exchange Rate Today
    Buying Rate₦540
    Selling Rate₦560
     gggggg

    Rand to Naira

    The following are the current Rand to naira black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Rand to Naira at the parallel (unofficial) market.
    Rand to Naira (ZAR to NGN)Black Market Exchange Rate Today
    Buying Rate₦31
    Selling Rate₦38
     gggggg

    Dirham to Naira

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Dirham to Naira at the parallel (unofficial) market.
    Dirham to Naira (AED to NGN)Black Market Exchange Rate Today
    Buying Rate₦155
    Selling Rate₦165
     gggggg 

    Yuan to Naira

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Yuan to Naira at the parallel (unofficial) market.
    Yuan to Naira (CNY to NGN)Black Market Exchange Rate Today
    Buying Rate₦80
    Selling Rate₦90
     gggggg 

    Ghanaian Cedi to Naira

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel (unofficial) market.
    Cedi to Naira (GHS to NGN)Black Market Exchange Rate Today
    Buying Rate₦65
    Selling Rate₦75
     gggggg

    West African CFA franc to Naira 

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying West African CFA franc to Naira at the parallel (unofficial) market.
    Dirham to Naira (XOF to NGN)Black Market Exchange Rate Today
    Buying Rate₦945
    Selling Rate₦965
      

    Central African CFA franc to Naira

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel (unofficial) market.
    CFA to Naira (XAF to NGN)Black Market Exchange Rate Today
    Buying Rate₦900
    Selling Rate₦920
     

    CBN Official Naira Exchange Rates

    The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

     Click here for more of the CBN Naira Exchange rate historical data. 

    GTBank Naira Exchange Rates

    BankCurrencyRateDate
    GTBankUSD to Naira₦ 49016/10/2022
     

    First Bank Naira Exchange Rates

    CurrencyRateDate
    GBP₦ 70605/09/2022
    EUR₦ 60218/07/2022
    CAD₦ 46618/07/2022
    USD₦ 50004/07/2022
    INR₦ 5.8001/05/2021
    RUB₦ 6.2001/05/2021
     

    Access Bank Naira Exchange Rates

    CurrencyRateDate
    USD To Naira₦ 50530/04/2022
    EUR To Naira₦ 53131/08/2021
    GBP To Naira₦ 62128/08/2021
    CAD To Naira₦ 35718/08/2021
    ZAR To Naira₦ 3118/08/2021
    INR To Naira₦ 618/08/2021
    TRY To Naira₦ 5218/08/2021
    AUD To Naira₦ 29901/05/2021
    RUB To Naira₦ 7.1001/05/2021
    SGD To Naira₦ 26801/05/2021
    AED To Naira₦ 10926/11/2020
    XOF To Naira₦ 80015/08/2020
     

    UBA Naira Exchange Rates

    CurrencyRateDate
    INR To Naira₦ 6.1215/10/2022
    USD To Naira₦ 50329/04/2022
    EUR To Naira₦ 56631/08/2021
    GBP To Naira₦ 62223/07/2021
    CAD To Naira₦ 31601/05/2021
    AED To Naira₦ 11908/08/2020
     

    Ecobank Naira Exchange Rates

    CurrencyRateDate
    USD To Naira₦ 48023/03/2022
    GBP To Naira₦ 62123/07/2021
    EUR To Naira₦ 499.4516/06/2021
    AED To Naira₦ 10715/08/2020
    CAD To Naira₦ 29930/06/2020
    INR To Naira₦ 5.925/06/2020
     

    Stanbic Bank Naira Exchange Rates

    CurrencyRateDate
    USD To Naira₦ 47521/01/2022
    EUR To Naira₦ 54322/07/2021
    GBP To Naira₦ 64603/06/2021
    CAD To Naira₦ 33701/05/2021
    TRY To Naira₦ 6901/05/2021
      
     

    1 US Dollar to Nigerian Naira stats

    Last 30 DaysLast 90 Days
    High
    442.67442.67
    Low
    436.36420.31
    Average
    439.32432.43
    Volatility
    0.10%0.10%
     The following are the euro to dollar exchange rates today. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. 

    1 Euro to US Dollar stats

    Last 30 DaysLast 90 Days
    High
    1.03951.0395
    Low
    0.974980.95960
    Average
    1.01040.99545
    Volatility
    0.81%0.70%
    Convert US Dollar to Euro
    USDEUR
    10 USD9.75844 EUR
    25 USD24.3961 EUR
    50 USD48.7922 EUR
    100 USD97.5844 EUR
       

    FAQ

    Q: What is the Dollar worth against the Nigerian Naira?

    A: One Dollar is worth 442.655 Nigerian Naira today 

    Q: Is the Dollar going up or down against the Nigerian Naira?

    A: Today's exchange rate (442.655) is lower compared to yesterday's rate (442.8151). 

    Q: What are 50 Dollars in Nigerian Naira?

    A: 50 Dollars buys 22132.75 Nigerian Naira at interbank exchange rates. 
    A: $100 USD is currently equal to 97.5844 EUR.

    Aboki FX

    The Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for “illegal foreign exchange transactions”. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. On Thursday, 16th of September 2021,  abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. An insider, familiar with the events, said that “unusual forex transactions” were found in his account, suggesting the promoters of the platform have been involved in illegal forex trading. The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation, but another source within the bank said he could not confirm the rumors. “There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow,” the source said. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021. 
    DisclaimerThis article does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article. 
    Last Updated on: 2022-11-30 11:41:03.

  •   Arrests alleged currency speculator The Economic and Financial Crimes Commission EFCC has said that it has arrested some bureau de change operators across the country especially in Lagos and Abuja to sanitize the foreign exchange sector The EFCC Chairman Abdulrasheed Bawa stated this during a television program on sanitizing ungoverned operators in the forex sector EFCC spokesperson Wilson Uwujaren in a statement on Tuesday said Bawa was represented by the Commission s Director of Operations Abdulkarim Chukkol According to him the EFCC s arrest of BDC operators and currency speculators in the parallel market was not indiscriminate but a product of intelligence He said At the EFCC we work with intelligence and with other stakeholders and when we talk of illegal forex operators you cannot just invite people on the street even though sometimes you could but generally you do not have a choice but to make an arrest He stressed that the Commission considers foreign exchange malpractice as an economic crime against the Nigerian state adding that the Commission as far back as 2016 established a full fledged section known as the Foreign Exchange Malpractices Section and for over ten years maintained a visible presence at all airports in the country to checkmate incidences of bulk cash movement outside Nigeria which is another aspect of this menace He said through the Commission s presence at the major gateway into the country many arrests of cash smugglers have been made and humongous sums in foreign currencies recovered Some were arrested with an excess of 6 Million Six Million United States Dollars others with 2 Million Two Million United States Dollars and we know that these huge sums were not meant to be used in buying goods but stolen monies being laundered out of the country he said Bawa further stated that EFCC not only recovered some of these monies but secured their forfeiture to the federal government while the culprits were prosecuted He emphasized the need for active inter agency and stakeholders collaboration pointing out that many of the over 6 000 registered BDCs do not belong to the Association of Bureau De Change Operators of Nigeria and therefore out of the orbit of regulators The CBN guidelines are clear regarding returns by BDCs but how many of them do this he asked Meanwhile Uwujaren said as part of its ongoing operation to sanitize the foreign exchange sector and rid it of speculators and all shades of economic saboteurs the commission has arrested one Mustapha Muhammed alias Muaspaha Naira He was picked up by operatives of the Commission on Saturday November 12 2022 at Wuse Zone 4 the hub of parallel market operations in the Federal Capital Territory The suspect has made useful statements while the investigation continues Uwujaren stated
    Why we raided, arrested some BDC Operators – EFCC
      Arrests alleged currency speculator The Economic and Financial Crimes Commission EFCC has said that it has arrested some bureau de change operators across the country especially in Lagos and Abuja to sanitize the foreign exchange sector The EFCC Chairman Abdulrasheed Bawa stated this during a television program on sanitizing ungoverned operators in the forex sector EFCC spokesperson Wilson Uwujaren in a statement on Tuesday said Bawa was represented by the Commission s Director of Operations Abdulkarim Chukkol According to him the EFCC s arrest of BDC operators and currency speculators in the parallel market was not indiscriminate but a product of intelligence He said At the EFCC we work with intelligence and with other stakeholders and when we talk of illegal forex operators you cannot just invite people on the street even though sometimes you could but generally you do not have a choice but to make an arrest He stressed that the Commission considers foreign exchange malpractice as an economic crime against the Nigerian state adding that the Commission as far back as 2016 established a full fledged section known as the Foreign Exchange Malpractices Section and for over ten years maintained a visible presence at all airports in the country to checkmate incidences of bulk cash movement outside Nigeria which is another aspect of this menace He said through the Commission s presence at the major gateway into the country many arrests of cash smugglers have been made and humongous sums in foreign currencies recovered Some were arrested with an excess of 6 Million Six Million United States Dollars others with 2 Million Two Million United States Dollars and we know that these huge sums were not meant to be used in buying goods but stolen monies being laundered out of the country he said Bawa further stated that EFCC not only recovered some of these monies but secured their forfeiture to the federal government while the culprits were prosecuted He emphasized the need for active inter agency and stakeholders collaboration pointing out that many of the over 6 000 registered BDCs do not belong to the Association of Bureau De Change Operators of Nigeria and therefore out of the orbit of regulators The CBN guidelines are clear regarding returns by BDCs but how many of them do this he asked Meanwhile Uwujaren said as part of its ongoing operation to sanitize the foreign exchange sector and rid it of speculators and all shades of economic saboteurs the commission has arrested one Mustapha Muhammed alias Muaspaha Naira He was picked up by operatives of the Commission on Saturday November 12 2022 at Wuse Zone 4 the hub of parallel market operations in the Federal Capital Territory The suspect has made useful statements while the investigation continues Uwujaren stated
    Why we raided, arrested some BDC Operators – EFCC
    Foreign2 weeks ago

    Why we raided, arrested some BDC Operators – EFCC

    ***Arrests alleged currency speculator The Economic and Financial Crimes Commission (EFCC) has said that it has arrested some bureau de change operators across the country, especially in Lagos and Abuja, to sanitize the foreign exchange sector.

    The EFCC Chairman, Abdulrasheed Bawa, stated this during a television program on “sanitizing ungoverned operators in the forex sector.

    ” EFCC spokesperson, Wilson Uwujaren, in a statement on Tuesday said Bawa was represented by the Commission’s Director of Operations, Abdulkarim Chukkol According to him, the EFCC’s arrest of BDC operators and currency speculators in the parallel market was not indiscriminate but a product of intelligence.

    He said: “At the EFCC, we work with intelligence and with other stakeholders; and when we talk of illegal forex operators, you cannot just invite people on the street, even though sometimes you could, but generally you do not have a choice but to make an arrest.

    ” He stressed that the Commission considers foreign exchange malpractice as an economic crime against the Nigerian state, adding that the Commission, as far back as 2016, established a full-fledged section known as the Foreign Exchange Malpractices Section and, for over ten years, maintained a visible “presence at all airports in the country to checkmate incidences of bulk cash movement outside Nigeria, which is another aspect of this menace.

    ” He said through the Commission’s presence at the major gateway into the country, many arrests of cash smugglers have been made and humongous sums in foreign currencies recovered.

    “Some were arrested with an excess of $6 Million (Six Million United States Dollars), others with $2 Million (Two Million United States Dollars) and we know that these huge sums were not meant to be used in buying goods but stolen monies being laundered out of the country,” he said Bawa further stated that EFCC not only recovered some of these monies but secured their forfeiture to the federal government, while the culprits were prosecuted.

    He emphasized the need for active inter-agency and stakeholders collaboration, pointing out that many of the over 6,000 registered BDCs do not belong to the Association of Bureau De Change Operators of Nigeria and therefore out of the orbit of regulators.

    “The CBN guidelines are clear regarding returns by BDCs, but how many of them do this,” he asked.

    Meanwhile, Uwujaren said as part of its ongoing operation to sanitize the foreign exchange sector and rid it of speculators and all shades of economic saboteurs, the commission has arrested one Mustapha Muhammed alias Muaspaha Naira.

    “He was picked up by operatives of the Commission on Saturday, November 12, 2022, at Wuse Zone 4, the hub of parallel market operations in the Federal Capital Territory.

    “The suspect has made useful statements while the investigation continues,” Uwujaren stated.

  •  The Economic and Financial Crimes Commission EFCC has applauded the move by the Central Bank of Nigeria CBN to redesign and reissue higher denominations of the Nigerian currency the Naira The CBN Governor Godwin Emefiele on Wednesday announced that the apex bank had obtained the approval of the Federal Executive Council to redesign and issue new N200 N500 and N1000 notes According to Emefiele the new notes will come into circulation by Dec 15 2022 while the old notes will no longer be accepted after Jan 31 2023 The EFCC Chairman Mr Abdulrasheed Bawa hailed the move as a well considered and timely response to the challenges of currency management in the country Bawa said in a statement issued by Mr Wilson Uwujaren EFCC s spokesperson on Wednesday in Abuja that the challenges of currency management has negatively impacted the country s monetary policy and security imperatives The EFCC the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country s monetary policy environment It is heart warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria he said Bawa called on operators in the Nigerian financial services sector especially deposit money banks and bureau de change operators to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency He warned that the EFCC would monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise The EFCC chairman also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering proceeds of crimes through their system Bawa pointed out that the objectives of the CBN s currency redesign and reissuance were in tandem with the provision of the Money Laundering Prevention Prohibition Act 2022 The Act criminalises the conduct of cash transactions above a certain threshold ISection 2 1 of the Act states that No person or body corporate shall except in a transaction through a financial institution make or accept cash payment of a sum exceeding N5 000 000 or its equivalent in the case of an individual or N10 000 000 or its equivalent in the case of a body corporate He expressed optimism that the new currency measure would encourage more Nigerians to embrace banking culture and acceptance of cashless transactions Bawa recalled that the EFCC recently took operational action against currency hoarders in major commercial cities of Nigeria It is therefore pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away He noted that currency hoarders readily made their hoard available to criminal enterprise Bawa therefore said that the commission would spare no effort in bringing to book any financial services operator who runs foul of extant laws and regulations NewsSourceCredit NAN
    EFCC hails CBN’s move to clampdown on currency hoarders
     The Economic and Financial Crimes Commission EFCC has applauded the move by the Central Bank of Nigeria CBN to redesign and reissue higher denominations of the Nigerian currency the Naira The CBN Governor Godwin Emefiele on Wednesday announced that the apex bank had obtained the approval of the Federal Executive Council to redesign and issue new N200 N500 and N1000 notes According to Emefiele the new notes will come into circulation by Dec 15 2022 while the old notes will no longer be accepted after Jan 31 2023 The EFCC Chairman Mr Abdulrasheed Bawa hailed the move as a well considered and timely response to the challenges of currency management in the country Bawa said in a statement issued by Mr Wilson Uwujaren EFCC s spokesperson on Wednesday in Abuja that the challenges of currency management has negatively impacted the country s monetary policy and security imperatives The EFCC the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country s monetary policy environment It is heart warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria he said Bawa called on operators in the Nigerian financial services sector especially deposit money banks and bureau de change operators to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency He warned that the EFCC would monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise The EFCC chairman also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering proceeds of crimes through their system Bawa pointed out that the objectives of the CBN s currency redesign and reissuance were in tandem with the provision of the Money Laundering Prevention Prohibition Act 2022 The Act criminalises the conduct of cash transactions above a certain threshold ISection 2 1 of the Act states that No person or body corporate shall except in a transaction through a financial institution make or accept cash payment of a sum exceeding N5 000 000 or its equivalent in the case of an individual or N10 000 000 or its equivalent in the case of a body corporate He expressed optimism that the new currency measure would encourage more Nigerians to embrace banking culture and acceptance of cashless transactions Bawa recalled that the EFCC recently took operational action against currency hoarders in major commercial cities of Nigeria It is therefore pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away He noted that currency hoarders readily made their hoard available to criminal enterprise Bawa therefore said that the commission would spare no effort in bringing to book any financial services operator who runs foul of extant laws and regulations NewsSourceCredit NAN
    EFCC hails CBN’s move to clampdown on currency hoarders
    Defence/Security1 month ago

    EFCC hails CBN’s move to clampdown on currency hoarders

    The Economic and Financial Crimes Commission (EFCC) has applauded the move by the Central Bank of Nigeria (CBN) to redesign and reissue higher denominations of the Nigerian currency, the Naira.

    The CBN Governor, Godwin Emefiele, on Wednesday announced that the apex bank had obtained the approval of the Federal Executive Council to redesign and issue new N200, N500 and N1000 notes.

    According to Emefiele, the new notes will come into circulation by Dec. 15, 2022 while the old notes will no longer be accepted after Jan. 31, 2023. The EFCC Chairman, Mr Abdulrasheed Bawa hailed the move as “a well-considered and timely response” to the challenges of currency management in the country.

    Bawa said in a statement issued by Mr Wilson Uwujaren, EFCC’s spokesperson on Wednesday in Abuja, that the challenges of currency management has negatively impacted the country’s monetary policy and security imperatives.

    “The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country’s monetary policy environment.

    “It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria”, he said.

    Bawa called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN  to ensure seamless withdrawal of the old currency.

    He warned that the EFCC would monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise.

    The EFCC chairman also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering proceeds of crimes through their system.

    Bawa pointed out that the objectives of the CBN’s currency  redesign and reissuance were in tandem with the provision of the Money Laundering Prevention Prohibition Act 2022. The Act criminalises the conduct of cash transactions above a certain threshold.

    ISection 2 (1) of the Act states that, “No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding N5,000,000 or its equivalent in the case of an individual or N10,000,000 or its equivalent, in the case of a body corporate.

    ” He expressed optimism that the new currency measure would encourage more Nigerians to embrace banking culture and acceptance of cashless transactions.

    Bawa recalled that the EFCC recently took operational action against currency hoarders in major commercial cities of Nigeria.

    “It is therefore pertinent to issue this stern warning to Bureau de Change operators to be wary of currency hoarders who would attempt to seize this opportunity to offload the currencies they had illegally stashed away.

    ” He noted that currency hoarders readily made their hoard available to criminal enterprise.

    Bawa, therefore, said that the commission would spare no effort in bringing to book, any financial services operator who runs foul of extant laws and regulations.


    NewsSourceCredit: NAN

  •  Afrinvest West Africa Plc an investment and research company on Monday said it would soon become a capital market holding company and digital investment bank Its Group Managing Director Mr Ike Chioke disclosed this at the pre news conference on the Afrinvest s evolution into a capital market holding company and digital investment bank as well as the launch of its Banking Sector Report in Lagos The News Agency of Nigeria reports that the company will on Oct 26 unveil its new identity to commemorate its 27 years of operation Chioke said that the rebranding would align with its global appeal and determination to serve wider markets in its new phase of operation He said that the investment and research company would also unveil Optimus by Afrinvest a new digital platform for customers to be able to interface with the bank at any time and anywhere in the world Chioke said that since the publication of Afrinvest 2021 Nigerian Banking Sector report Resilience Amidst Endemic and Pandemic Constraints the bullish projections for the global economy in 2022 have been undermined by deteriorating fundamentals He said that the increasingly gloomy projections had been the upshot of mounting downside risks further inhibiting a world economy yet to fully shrug off the impact of the pandemic AAML has over 20 years of experience and is licensed by the Securities and Exchange Commission SEC as a portfolio manager Do everything with your money save invest and spend on one simple and secure platform he said Chioke explained that the idea of coming up with Optimus came up in 2020 when the company was planning to celebrate its 25th anniversary until COVID 19 pandemic began During lockdown we were able to explore opportunities in technology with the support of McKenzie amp Co That project was called Project Optimus That was how the name came about We spent our lockdown years working with McKenzie amp Co and people around the world America Britain on how to build a digital investment bank that can serve the global population and that was how Optimus by Afrinvest emerged Chioke said The group managing director said there was need for the company to rebrand its expertise Chioke said it was discovered that the company s current logo did not align with the new direction it is going hence the need for rebranding He said Optimus by Afrinvest will be a phenomenal success and that as it grows the modern brand has to support it as well The new identity will be unveiled to support Optimus and signal that we are now moving into the digital age and digital investment bank that can do essentially what other banks can do It is all about using technology to provide seamless services to customers The new Afrinvest logo and Optimus logo are going to be unveiled and we have plans to go internationally We will set up offshore positions that will allow us serve different parts of Africa to allow the business get the capacity it needs he said According to him it is becoming easier with technology to set up touch points where customers can engage with the company If you think of Afrinvest today the Holding Company is Afrinvest West Africa which is the holding company We have Afrinvest Capital which is the issuing house Afrinvest Security is a broker dealer Afrinvest Asset Management is a portfolio management Afrinvest Consulting Ltd which is where research is domiciled Now you have Adrovida Technologies Ltd which is our fintech company he said For customers that would need their investment in dollars Mr Ayodeji Ebo Managing Chief Business Officers Optimus by Afrinvest said that the company was aware of different scenarios on foreign exchange challenges in the industry According to him what the company is doing is to partner with licensed Bureau De Change operators BDCs that will help solve and serve as equalities provider Ebo noted that some of the BDCs are in Nigeria while some are international that would be providing forex He said With our platform you will have the ability to bring in Naira and able to change it into dollars Also at the point if you decide not to take your money in dollars which you can also convert back into Naira nanews NewsSourceCredit NAN
    Afrinvest West Africa Plc unveils new identity
     Afrinvest West Africa Plc an investment and research company on Monday said it would soon become a capital market holding company and digital investment bank Its Group Managing Director Mr Ike Chioke disclosed this at the pre news conference on the Afrinvest s evolution into a capital market holding company and digital investment bank as well as the launch of its Banking Sector Report in Lagos The News Agency of Nigeria reports that the company will on Oct 26 unveil its new identity to commemorate its 27 years of operation Chioke said that the rebranding would align with its global appeal and determination to serve wider markets in its new phase of operation He said that the investment and research company would also unveil Optimus by Afrinvest a new digital platform for customers to be able to interface with the bank at any time and anywhere in the world Chioke said that since the publication of Afrinvest 2021 Nigerian Banking Sector report Resilience Amidst Endemic and Pandemic Constraints the bullish projections for the global economy in 2022 have been undermined by deteriorating fundamentals He said that the increasingly gloomy projections had been the upshot of mounting downside risks further inhibiting a world economy yet to fully shrug off the impact of the pandemic AAML has over 20 years of experience and is licensed by the Securities and Exchange Commission SEC as a portfolio manager Do everything with your money save invest and spend on one simple and secure platform he said Chioke explained that the idea of coming up with Optimus came up in 2020 when the company was planning to celebrate its 25th anniversary until COVID 19 pandemic began During lockdown we were able to explore opportunities in technology with the support of McKenzie amp Co That project was called Project Optimus That was how the name came about We spent our lockdown years working with McKenzie amp Co and people around the world America Britain on how to build a digital investment bank that can serve the global population and that was how Optimus by Afrinvest emerged Chioke said The group managing director said there was need for the company to rebrand its expertise Chioke said it was discovered that the company s current logo did not align with the new direction it is going hence the need for rebranding He said Optimus by Afrinvest will be a phenomenal success and that as it grows the modern brand has to support it as well The new identity will be unveiled to support Optimus and signal that we are now moving into the digital age and digital investment bank that can do essentially what other banks can do It is all about using technology to provide seamless services to customers The new Afrinvest logo and Optimus logo are going to be unveiled and we have plans to go internationally We will set up offshore positions that will allow us serve different parts of Africa to allow the business get the capacity it needs he said According to him it is becoming easier with technology to set up touch points where customers can engage with the company If you think of Afrinvest today the Holding Company is Afrinvest West Africa which is the holding company We have Afrinvest Capital which is the issuing house Afrinvest Security is a broker dealer Afrinvest Asset Management is a portfolio management Afrinvest Consulting Ltd which is where research is domiciled Now you have Adrovida Technologies Ltd which is our fintech company he said For customers that would need their investment in dollars Mr Ayodeji Ebo Managing Chief Business Officers Optimus by Afrinvest said that the company was aware of different scenarios on foreign exchange challenges in the industry According to him what the company is doing is to partner with licensed Bureau De Change operators BDCs that will help solve and serve as equalities provider Ebo noted that some of the BDCs are in Nigeria while some are international that would be providing forex He said With our platform you will have the ability to bring in Naira and able to change it into dollars Also at the point if you decide not to take your money in dollars which you can also convert back into Naira nanews NewsSourceCredit NAN
    Afrinvest West Africa Plc unveils new identity
    Economy1 month ago

    Afrinvest West Africa Plc unveils new identity

    Afrinvest West Africa Plc, an investment and research company, on Monday said it would soon become a capital market holding company and digital investment bank.

    Its Group Managing Director, Mr Ike Chioke, disclosed this at the pre-news conference on the Afrinvest’s evolution into a capital market holding company and digital investment bank as well as the launch of its Banking Sector Report, in Lagos.

    The News Agency of Nigeria reports that the company will on Oct. 26 unveil its new identity to commemorate its 27 years of operation.

    Chioke said that the rebranding would align with its global appeal and determination to serve wider markets in its new phase of operation.

    He said that the investment and research company would also unveil ‘Optimus by Afrinvest’, a new digital platform for customers to be able to interface with the bank at any time and anywhere  in the world.

    Chioke said that since the publication of Afrinvest 2021 Nigerian Banking Sector report – “Resilience Amidst Endemic and Pandemic Constraints”, the bullish projections for the global economy in 2022 have been undermined by deteriorating fundamentals.

    He said that the increasingly gloomy projections had been the upshot of mounting downside risks, further inhibiting a world economy yet to fully shrug off the impact of the pandemic.

    “AAML has over 20 years of experience and is licensed by the Securities and Exchange Commission (SEC) as a portfolio manager.

    Do everything with your money -save, invest and spend- on one simple and secure platform,” he said.

    Chioke explained that the idea of coming up with Optimus came up in 2020, when the company was planning to celebrate  its 25th anniversary, until COVID-19 pandemic  began.

    “During lockdown, we were able to explore opportunities in technology with the support of McKenzie & Co. That project was called, Project Optimus.

    That was how the name came about.

    “We spent our lockdown years working with McKenzie & Co, and people around the world, America, Britain, on how to build a digital investment bank that can serve the global population and that was how  Optimus by Afrinvest emerged,” Chioke said.

    The group managing  director said there was need for the company to rebrand its expertise.

    Chioke said it was discovered that the company’s current logo did not align with the new direction it is going, hence the need for rebranding.

    He said, “Optimus by Afrinvest will be a phenomenal success, and that as it grows, the modern brand has to support it as well.

    “The new identity will be unveiled to support Optimus, and signal that we are now moving into the digital age, and digital investment bank, that can do essentially what other banks can do.

    “It is all about using technology to provide seamless services to customers.

    “The new Afrinvest logo and Optimus logo are going to be unveiled, and we have plans to go internationally.

    “We will set up offshore positions that will allow us serve different parts of Africa to allow the business get the capacity it needs,” he said.

    According to him, it is becoming easier with technology to set up touch-points where customers can engage with the company.

    “If you think of Afrinvest today, the Holding Company is Afrinvest West Africa, which is the holding company.

    “We have Afrinvest Capital, which is the issuing house, Afrinvest Security is a broker dealer, Afrinvest Asset Management is a portfolio management, Afrinvest Consulting Ltd., which is where research is domiciled.

    “Now, you have Adrovida Technologies Ltd., which is our fintech company,” he said.

    For customers that would need their investment in dollars, Mr Ayodeji  Ebo, Managing Chief  Business Officers, Optimus by Afrinvest, said that the company was aware of different scenarios on foreign exchange challenges in the industry.

    According to him, what the company is doing is to partner with licensed Bureau De Change operators (BDCs) that will help solve and serve as equalities provider.

    Ebo noted that some of the BDCs  are in Nigeria while some are international that would be providing forex.

    He said, “With our platform you will have the ability to bring in Naira and able to change it into dollars.

    Also at the point, if you decide not to take your money in dollars, which you can also convert back into Naira.

    ”  nanews.


    NewsSourceCredit: NAN

  •  The Senate on Wednesday at plenary resolved to invite the Governor of the Central Bank of Nigeria Mr Godwin Emefiele to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira It also mandated the Senate Committee on Banking Insurance and Other Financial Institutions to assess the impact of CBN intervention funds meant to support critical sectors of the economy The resolutions were reached by lawmakers after the upper chamber considered a motion sponsored by Sen Olubunmi Adetunmbi APC Ekiti The motion was entitled State of CBN Intervention Funds and Free Fall Of Naira Rising under Order 41 and 51 of the Senate Standing Order as amended Adetunmbi decried Nigeria s economic reality amid an urgent call for extraordinary measures He said that the CBN through its numerous multi sectoral intervention funds provided special funds to support critical sectors of the economy He explained that in view of such interventions it had become necessary to assess the state of implementation and effectiveness of the funds deployed for the purpose He recalled that the CBN in 2021 placed an indefinite halt on forex bidding by Bureau de Change operators BDCS and importers over allegations of abuse and mismanagement He observed that the halt by the CBN resulted in a spike of the exchange rate According to Adetunmbi the two instruments of Personal Travel Allowance PTA and Business Travel Allowance BTA could only serve less than 20 per cent of the total forex demand by travelers and businesses He expressed worry that the import and export window meant to serve the forex needs of business giants has become a rare opportunity that only a privileged few can access These and a number of others have contributed to the excessive scarcity of forex in Nigeria today he added He noted that as at the 26th of July the exchange rate in the autonomous segment BDCS of the foreign exchange market is N670 to one U S Dollar and projected to end at N1000 by end of the year based on the current rate of depreciation He advised the Central Bank to take new measures to curb forex scarcity and address the sliding rate of Naira exchange In his contribution Sen Sani Musa APC Niger faulted the Central Bank s decision to halt foreign exchange biddings thereby cutting off the parallel market Bureau de change operators According to him the attempt by the CBN to control the value of the naira with the continuous exclusion of BDCs would only lead to its further depreciation He therefore advised the apex bank to rather ensure the regulation and monitoring of the parallel market What CBN used to do was to give out 10 000 dollars to each of these BDCs with a clear directive for it not to be sold above N470 as against the 419 dollars exchange rate But today nobody is determining where the rate is going and I can assure you we can t have that solution because we are only importing he said On his part Sen Ahmad Babba Kaita said one way to improve the value of the naira was to encourage foreign investments to attract inflow of other currencies into Nigeria The only way we can access the dollar will be determined by other economies and not ours he noted He however attributed the lack of foreign investments into Nigeria on the poor security situation caused by banditry terrorism and other criminal activities The Senate in its resolutions called on the CBN to urgently intervene to stop the rapid decline in the value of the Naira vis vis the Dollar and other international currencies It also mandated the Senate Committee on Banking Insurance and Other Financial Institutions to conduct an assessment of CBN intervention funds and the declining value of Naira to come up with sustainable solutions NewsSourceCredit NAN
    Senate invites Emefiele over Naira depreciation
     The Senate on Wednesday at plenary resolved to invite the Governor of the Central Bank of Nigeria Mr Godwin Emefiele to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira It also mandated the Senate Committee on Banking Insurance and Other Financial Institutions to assess the impact of CBN intervention funds meant to support critical sectors of the economy The resolutions were reached by lawmakers after the upper chamber considered a motion sponsored by Sen Olubunmi Adetunmbi APC Ekiti The motion was entitled State of CBN Intervention Funds and Free Fall Of Naira Rising under Order 41 and 51 of the Senate Standing Order as amended Adetunmbi decried Nigeria s economic reality amid an urgent call for extraordinary measures He said that the CBN through its numerous multi sectoral intervention funds provided special funds to support critical sectors of the economy He explained that in view of such interventions it had become necessary to assess the state of implementation and effectiveness of the funds deployed for the purpose He recalled that the CBN in 2021 placed an indefinite halt on forex bidding by Bureau de Change operators BDCS and importers over allegations of abuse and mismanagement He observed that the halt by the CBN resulted in a spike of the exchange rate According to Adetunmbi the two instruments of Personal Travel Allowance PTA and Business Travel Allowance BTA could only serve less than 20 per cent of the total forex demand by travelers and businesses He expressed worry that the import and export window meant to serve the forex needs of business giants has become a rare opportunity that only a privileged few can access These and a number of others have contributed to the excessive scarcity of forex in Nigeria today he added He noted that as at the 26th of July the exchange rate in the autonomous segment BDCS of the foreign exchange market is N670 to one U S Dollar and projected to end at N1000 by end of the year based on the current rate of depreciation He advised the Central Bank to take new measures to curb forex scarcity and address the sliding rate of Naira exchange In his contribution Sen Sani Musa APC Niger faulted the Central Bank s decision to halt foreign exchange biddings thereby cutting off the parallel market Bureau de change operators According to him the attempt by the CBN to control the value of the naira with the continuous exclusion of BDCs would only lead to its further depreciation He therefore advised the apex bank to rather ensure the regulation and monitoring of the parallel market What CBN used to do was to give out 10 000 dollars to each of these BDCs with a clear directive for it not to be sold above N470 as against the 419 dollars exchange rate But today nobody is determining where the rate is going and I can assure you we can t have that solution because we are only importing he said On his part Sen Ahmad Babba Kaita said one way to improve the value of the naira was to encourage foreign investments to attract inflow of other currencies into Nigeria The only way we can access the dollar will be determined by other economies and not ours he noted He however attributed the lack of foreign investments into Nigeria on the poor security situation caused by banditry terrorism and other criminal activities The Senate in its resolutions called on the CBN to urgently intervene to stop the rapid decline in the value of the Naira vis vis the Dollar and other international currencies It also mandated the Senate Committee on Banking Insurance and Other Financial Institutions to conduct an assessment of CBN intervention funds and the declining value of Naira to come up with sustainable solutions NewsSourceCredit NAN
    Senate invites Emefiele over Naira depreciation
    General news4 months ago

    Senate invites Emefiele over Naira depreciation

    The Senate on Wednesday at plenary resolved to invite the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira.It also mandated the Senate Committee on Banking, Insurance, and Other Financial Institutions to assess the impact of CBN intervention funds meant to support critical sectors of the economy.The resolutions were reached by lawmakers after the upper chamber considered a motion sponsored by Sen.Olubunmi Adetunmbi (APC – Ekiti).The motion was entitled, State of CBN Intervention Funds and Free Fall Of Naira.”Rising under Order 41 and 51 of the Senate Standing Order, as amended, Adetunmbi decried  Nigeria’s economic reality amid an urgent call for “extraordinary measures”.He said  that the CBN through its numerous multi-sectoral intervention funds, provided special funds to support critical sectors of the economy.He explained that in view of such interventions, it had become necessary to assess the state of implementation and effectiveness of the funds deployed for the purpose.He  recalled that the CBN in 2021, placed an indefinite halt on forex bidding by Bureau de Change operators (BDCS) and importers over allegations of abuse and mismanagement.He observed that the halt by the CBN resulted in a spike of the exchange rate.According to Adetunmbi, the two instruments of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) could only serve less than 20 per cent  of the total forex demand by travelers and businesses.He expressed worry that the import and export window meant to serve the forex needs of business giants, “has become a rare opportunity that only a privileged few can access.”“These and a number of others have contributed to the excessive scarcity of forex in Nigeria today”, he added.He noted that as at the 26th of July , the exchange rate in the autonomous segment (BDCS) of the foreign exchange market is N670 to one U.S. Dollar and projected to end at N1000 by end of the year based on the current rate of depreciation.He, advised the Central Bank to take new measures to curb forex scarcity and address the sliding rate of Naira exchange.In his contribution, Sen. Sani Musa (APC – Niger),faulted the Central Bank’s decision to halt foreign exchange biddings, thereby cutting off the parallel market – Bureau de change operators.According to him, the attempt by the CBN to control the value of the naira with the continuous exclusion of BDCs would only lead to its further depreciation.He, therefore, advised the apex bank to rather ensure the regulation and monitoring of the parallel market.“What CBN used to do was to give out 10,000 dollars  to each of these BDCs with a clear directive for it not to be sold above N470 as against the 419 dollars exchange rate.“But today, nobody is determining where the rate is going and I can assure you we can’t have that solution because we are only importing”, he said.On his part, Sen.Ahmad Babba-Kaita, said one way to improve the value of the naira was to encourage foreign investments to attract inflow of other currencies into Nigeria.“The only way we can access the dollar will be determined by other economies and not ours”, he noted.He, however, attributed the lack of foreign investments into Nigeria on the poor security situation caused by banditry, terrorism and other criminal activities.The Senate, in its resolutions, called on the CBN to urgently intervene to stop the rapid decline in the value of the Naira vis-à-vis the Dollar and other international currencies.It also mandated the Senate Committee on Banking, Insurance and Other Financial Institutions to conduct an assessment of CBN intervention funds and the declining value of Naira to come up with sustainable solutionsNewsSourceCredit: NAN

  •   NEWS ANALYSIS The Socio Economic Implications of The Downfall of The Naira The Socio Economic Implications of The Downfall of The Naira A News Analysis by Solomon Asowata Lydia Ngwakwe and Rukayat Moisemhe Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar it could pose great consequences for the economy A professor of Finance and Capital Market Uche Uwaleke said that the free fall of the Naira was not in the interest of the economy The consequences are grave for the economy The rising inflationary pressure is not unconnected with imported inflation The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government s budget deficit It will equally increase oil subsidy which may push the economy into deeper debt Again in terms of the naira equivalent of servicing government foreign loans the burden will also increase he said According to Uwaleke the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee FAAC distribution might increase But of what use is an increase in quantity of money which value is eroded by inflation Naira depreciation ordinarily should help the country s Balance of Payments position through discouraging imports and making exports cheaper Unfortunately this does not happen given Nigeria s weak export base and Nigerians penchant for foreign goods He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa especially in the context of African Continental Free Trade Agreement Sheriffdeen Tella a Professor of Economics Olabisi Onabanjo University Ago Iwoye Ogun said the downfall of the naira was what caused the rising inflation Its what is causing inflation and difficulty in production presently Prolonged situation can affect employment and general welfare of citizens just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure he said Ndubisi Nwokoma the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos Akoka urged the Central Bank of Nigeria CBN to increase the supply of foreign exchange and manage demand The fall of the Naira has had serious socio economic implications for the average Nigerian Inflation has been skyrocketing and living standards getting worse Challenges of insecurity also add to all these he said The downfall of the naira has had a huge impact on the oil and gas industry as well which is critical to the socio economic development of Nigeria The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks This has led to a rise in the prices of petroleum products such as Jet A1 aviation fuel diesel kerosene Premium Motor Spirit petrol as well as Liquefied Petroleum Gas cooking gas Presently the cost of diesel ranges from N650 to N800 per litre across the country while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location Similarly kerosene is retailing at N650 per litre in some filling stations while a 12 5kg cooking gas cylinder is being sold at between N9 000 to N10 000 to end users According to the Major Oil Marketers Association of Nigeria MOMAN the landing cost of PMS is currently above N400 per litre compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre Mr Clement Isong the Executive Secretary MOMAN empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education health care and infrastructure development A return to cost recovery and free market and competitive economics including access to foreign exchange at competitive rates is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry he said Mrs Nkechi Obi the Managing Director Techno Gas Ltd also called on the Federal Government to intervene in halting the rising price of cooking gas in the country Obi who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos said the product was becoming unaffordable to Nigerians Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria it was imperative that the government should make forex available to them at competitive rates Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking Mr Michael Umudu the National Chairman the Liquefied Petroleum Gas Retailers LPGAR branch of National Union of Petroleum and Natural Gas Workers NUPENG described the situation as worrisome for both retailers and consumers The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets For us as retailers it is a big problem because we can t even afford to stock up our shops and even when we do it will take time before we can make enough sales to get back our investments What we find now is that people even bring in 12 5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home Umudu therefore appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas Dr Muda Yusuf an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange Yusuf also founder Centre for the Promotion of Private Enterprises CPPEs said the policies had created a huge enterprise around foreign exchange round tripping speculation over invoicing capital flight among others He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors which was not a sustainable solution It is regrettable that the CBN does not believe in the market mechanism yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world Of course market failures are recognised in economics and these cases are exceptions that can be identified and dealt with A market based management framework will restore calmness and stability to the foreign exchange market Although there may be a momentary spike in exchange rate but stability and gradual appreciation of the rate would follow soon after Suppressing the market is like swimming against the tide it is a difficult battle to win he said Yusuf likened moving retail forex transactions from Bureau De Change BDC to the banks to kicking the can down the road stating that the same issues would manifest even with the banks He noted that the BDCs were generally more accessible required minimum documentation had short response time and better interface with the Small and Medium Enterprises and the informal sector the dominant players in the Nigerian economy He said that the way out of this free fall of the Naira was for the CBN to allow the market to function Yusuf said it was also imperative for the apex bank to de emphasise demand management and focus on strategies to stimulate foreign exchange inflows According to him a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange Dr Chinyere Almona the Director General Lagos Chamber of Commerce and Industry LCCI noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022 This she said was due to the widening premium between the official NAFEX rate at N415 per dollar and the market rate of N580 She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market driven This Almona posited was critical to the process of enhancing stability liquidity and transparency in the foreign exchange market She said the unification would improve the country s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates To consolidate on the interventions earlier initiated the CBN needs to roll out more friendly supply side policies to boost liquidity in the market This would help bolster investor confidence and attract foreign investment inflows into the economy Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro Small and Medium Enterprises MSMEs and large corporates at the national subnational and local government levels are imperative NANFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira
      NEWS ANALYSIS The Socio Economic Implications of The Downfall of The Naira The Socio Economic Implications of The Downfall of The Naira A News Analysis by Solomon Asowata Lydia Ngwakwe and Rukayat Moisemhe Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar it could pose great consequences for the economy A professor of Finance and Capital Market Uche Uwaleke said that the free fall of the Naira was not in the interest of the economy The consequences are grave for the economy The rising inflationary pressure is not unconnected with imported inflation The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government s budget deficit It will equally increase oil subsidy which may push the economy into deeper debt Again in terms of the naira equivalent of servicing government foreign loans the burden will also increase he said According to Uwaleke the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee FAAC distribution might increase But of what use is an increase in quantity of money which value is eroded by inflation Naira depreciation ordinarily should help the country s Balance of Payments position through discouraging imports and making exports cheaper Unfortunately this does not happen given Nigeria s weak export base and Nigerians penchant for foreign goods He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa especially in the context of African Continental Free Trade Agreement Sheriffdeen Tella a Professor of Economics Olabisi Onabanjo University Ago Iwoye Ogun said the downfall of the naira was what caused the rising inflation Its what is causing inflation and difficulty in production presently Prolonged situation can affect employment and general welfare of citizens just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure he said Ndubisi Nwokoma the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos Akoka urged the Central Bank of Nigeria CBN to increase the supply of foreign exchange and manage demand The fall of the Naira has had serious socio economic implications for the average Nigerian Inflation has been skyrocketing and living standards getting worse Challenges of insecurity also add to all these he said The downfall of the naira has had a huge impact on the oil and gas industry as well which is critical to the socio economic development of Nigeria The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks This has led to a rise in the prices of petroleum products such as Jet A1 aviation fuel diesel kerosene Premium Motor Spirit petrol as well as Liquefied Petroleum Gas cooking gas Presently the cost of diesel ranges from N650 to N800 per litre across the country while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location Similarly kerosene is retailing at N650 per litre in some filling stations while a 12 5kg cooking gas cylinder is being sold at between N9 000 to N10 000 to end users According to the Major Oil Marketers Association of Nigeria MOMAN the landing cost of PMS is currently above N400 per litre compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre Mr Clement Isong the Executive Secretary MOMAN empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education health care and infrastructure development A return to cost recovery and free market and competitive economics including access to foreign exchange at competitive rates is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry he said Mrs Nkechi Obi the Managing Director Techno Gas Ltd also called on the Federal Government to intervene in halting the rising price of cooking gas in the country Obi who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos said the product was becoming unaffordable to Nigerians Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria it was imperative that the government should make forex available to them at competitive rates Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking Mr Michael Umudu the National Chairman the Liquefied Petroleum Gas Retailers LPGAR branch of National Union of Petroleum and Natural Gas Workers NUPENG described the situation as worrisome for both retailers and consumers The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets For us as retailers it is a big problem because we can t even afford to stock up our shops and even when we do it will take time before we can make enough sales to get back our investments What we find now is that people even bring in 12 5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home Umudu therefore appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas Dr Muda Yusuf an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange Yusuf also founder Centre for the Promotion of Private Enterprises CPPEs said the policies had created a huge enterprise around foreign exchange round tripping speculation over invoicing capital flight among others He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors which was not a sustainable solution It is regrettable that the CBN does not believe in the market mechanism yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world Of course market failures are recognised in economics and these cases are exceptions that can be identified and dealt with A market based management framework will restore calmness and stability to the foreign exchange market Although there may be a momentary spike in exchange rate but stability and gradual appreciation of the rate would follow soon after Suppressing the market is like swimming against the tide it is a difficult battle to win he said Yusuf likened moving retail forex transactions from Bureau De Change BDC to the banks to kicking the can down the road stating that the same issues would manifest even with the banks He noted that the BDCs were generally more accessible required minimum documentation had short response time and better interface with the Small and Medium Enterprises and the informal sector the dominant players in the Nigerian economy He said that the way out of this free fall of the Naira was for the CBN to allow the market to function Yusuf said it was also imperative for the apex bank to de emphasise demand management and focus on strategies to stimulate foreign exchange inflows According to him a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange Dr Chinyere Almona the Director General Lagos Chamber of Commerce and Industry LCCI noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022 This she said was due to the widening premium between the official NAFEX rate at N415 per dollar and the market rate of N580 She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market driven This Almona posited was critical to the process of enhancing stability liquidity and transparency in the foreign exchange market She said the unification would improve the country s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates To consolidate on the interventions earlier initiated the CBN needs to roll out more friendly supply side policies to boost liquidity in the market This would help bolster investor confidence and attract foreign investment inflows into the economy Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro Small and Medium Enterprises MSMEs and large corporates at the national subnational and local government levels are imperative NANFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira
    Features5 months ago

    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira

    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira

     

    The Socio-Economic Implications of The Downfall of The Naira: A News Analysis by Solomon Asowata, Lydia Ngwakwe and Rukayat Moisemhe

    Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise.

    The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar, it could pose great consequences for the economy.

    A professor of Finance and Capital Market, Uche Uwaleke, said that the free fall of the Naira was not in the interest of the economy.

    “The consequences are grave for the economy. The rising inflationary pressure is not unconnected with imported inflation.

    “The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government’s budget deficit.

    “It will equally increase oil subsidy, which may push the economy into deeper debt.

    “Again, in terms of the naira equivalent of servicing government foreign loans, the burden will also increase,’’ he said.

    According to Uwaleke, the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee (FAAC) distribution might increase.

    “But of what use is an increase in quantity of money which value is eroded by inflation?

    “Naira depreciation ordinarily should help the country’s Balance of Payments position through discouraging imports and making exports cheaper.

    “Unfortunately, this does not happen given Nigeria’s weak export base and Nigerians penchant for foreign goods.’’

    He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa, especially in the context of African Continental Free Trade Agreement.

     

    Sheriffdeen Tella, a Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, said the downfall of the naira was what caused the rising inflation.

    “Its what is causing inflation and difficulty in production presently.

    “Prolonged situation can affect employment and general welfare of citizens, just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure,’’ he said.

    Ndubisi Nwokoma, the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos, Akoka, urged the Central Bank of Nigeria (CBN) to increase the supply of foreign exchange and manage demand.

    “The fall of the Naira has had serious socio-economic implications for the average Nigerian. Inflation has been skyrocketing and living standards getting worse. Challenges of insecurity also add to all these,’’ he said.

    The downfall of the naira has had a huge impact on the oil and gas industry as well, which is critical to the socio-economic development of Nigeria.

    The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks.

    This has led to a rise in the prices of petroleum products such as Jet A1 (aviation fuel) diesel, kerosene, Premium Motor Spirit (petrol) as well as Liquefied Petroleum Gas (cooking gas).

    Presently, the cost of diesel ranges from N650 to N800 per litre across the country, while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location.

     

    Similarly, kerosene is retailing at N650 per litre in some filling stations while a 12.5kg cooking gas cylinder is being sold at between N9,000 to N10,000 to end users.

    According to the Major Oil Marketers Association of Nigeria (MOMAN), the landing cost of PMS is currently above N400 per litre, compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre.

    Mr Clement Isong, the Executive Secretary, MOMAN, empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market.

    He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel.

    Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education, health care and infrastructure development.

    “A return to cost recovery and free market and competitive economics (including access to foreign exchange at competitive rates) is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry,’’ he said.

    Mrs Nkechi Obi, the Managing Director, Techno Gas Ltd. also called on the Federal Government to intervene in halting the rising price of cooking gas in the country.

    Obi, who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos, said the product was becoming unaffordable to Nigerians.

    Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria, it was imperative that the government should make forex available to them at competitive rates.

    Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking.

    Mr Michael Umudu, the National Chairman, the Liquefied Petroleum Gas Retailers (LPGAR) branch of National Union of Petroleum and Natural Gas Workers (NUPENG), described the situation as worrisome for both retailers and consumers.

    “The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets.

    “For us as retailers, it is a big problem because we can’t even afford to stock up our shops and even when we do, it will take time before we can make enough sales to get back our investments.

    “What we find now is that people even bring in 12.5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home.’’

    Umudu, therefore, appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas.

    Dr Muda Yusuf, an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange.

    Yusuf, also founder, Centre for the Promotion of Private Enterprises (CPPEs), said the policies had created a huge enterprise around foreign exchange, round tripping, speculation, over invoicing, capital flight among others.

    He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors, which was not a sustainable solution.

    “It is regrettable that the CBN does not believe in the market mechanism, yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world.

    “Of course, market failures are recognised in economics, and these cases are exceptions that can be identified and dealt with.

    “A market based management framework will restore calmness and stability to the foreign exchange market.

    “Although, there may be a momentary spike in exchange rate, but stability and gradual appreciation of the rate would follow soon after.

    “Suppressing the market is like swimming against the tide, it is a difficult battle to win,” he said.

    Yusuf likened moving retail forex transactions from Bureau De Change (BDC) to the banks to “kicking the can down the road’’, stating that the same issues would manifest even with the banks.

    He noted that the BDCs were generally more accessible, required minimum documentation, had short response time and better interface with the Small and Medium Enterprises and the informal sector, the dominant players in the Nigerian economy.

    He said that the way out of this free fall of the Naira was for the CBN to allow the market to function.

    Yusuf said it was also imperative for the apex bank to de-emphasise demand management and focus on strategies to stimulate foreign exchange inflows.

    According to him, a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange.

    Dr Chinyere Almona, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022.

    This, she said was due to the widening premium between the official (NAFEX) rate at N415 per dollar and the market rate of N580.

    She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market-driven.

    This, Almona posited was critical to the process of enhancing stability, liquidity, and transparency in the foreign exchange market.

    She said the unification would improve the country’s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage.

    “The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate.

    “The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates.

    “To consolidate on the interventions earlier initiated, the CBN needs to roll out more friendly supply-side policies to boost liquidity in the market.

    “This would help bolster investor confidence and attract foreign investment inflows into the economy.

    Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro, Small and Medium Enterprises (MSMEs) and large corporates at the national, subnational, and local government levels are imperative. (NANFeatures) (

    NewsSourceCredit: NAN

  •  Ghanaian authorities said on Thursday that foreign currencies would no longer be allowed to be used for commercial transactions in the country Bank of Ghana Secretary Sandra Thompson said the ban on illegal foreign exchange trading in Ghana is in accordance with the Foreign Exchange Act 2006 Act 723 and violations are punishable by summary conviction Banks companies institutions and individuals in Ghana are warned to refrain from engaging in foreign exchange business without a license issued by the Bank of Ghana In addition pricing advertising receiving or making payments for goods and services in foreign currency in Ghana without the written permission of the Bank of Ghana is also prohibited Thompson noted that such violations are punishable on summary conviction with a fine of up to seven hundred 700 penalty units or a term of imprisonment of not more than eighteen 18 months or both The Bank of Ghana warns the general public to desist from engaging in illegal foreign exchange black market transactions pricing advertising receiving or paying for goods and services in foreign currency in Ghana without the appropriate license or authorization required from the Bank of Ghana Ghana Thompson said The general public is hereby notified that the only legal tender currency in Ghana is the Ghana Cedi Thompson said the BOG in collaboration with national security and law enforcement agencies will continue to crack down on illegal forex trading The BOG executive said all violators will be dealt with in accordance with the law and urges the general public to report any witnessed violations to the appropriate authorities Ghana s West African neighbors Nigeria banned the sale of foreign currency to bureaux de change in July 2021 Central Bank of Nigeria Governor Godwin Emefiele said the ban was necessary because the parallel market had become a conduit for illicit currency flows and corruption We are concerned that the BDCs have allowed it to be used for bribery Emefiele said This move is not punitive to anyone but it is to ensure that the CBN is able to carry out its legitimate mandate to serve all Nigerians
    Ghana bans use of foreign currencies in business transactions
     Ghanaian authorities said on Thursday that foreign currencies would no longer be allowed to be used for commercial transactions in the country Bank of Ghana Secretary Sandra Thompson said the ban on illegal foreign exchange trading in Ghana is in accordance with the Foreign Exchange Act 2006 Act 723 and violations are punishable by summary conviction Banks companies institutions and individuals in Ghana are warned to refrain from engaging in foreign exchange business without a license issued by the Bank of Ghana In addition pricing advertising receiving or making payments for goods and services in foreign currency in Ghana without the written permission of the Bank of Ghana is also prohibited Thompson noted that such violations are punishable on summary conviction with a fine of up to seven hundred 700 penalty units or a term of imprisonment of not more than eighteen 18 months or both The Bank of Ghana warns the general public to desist from engaging in illegal foreign exchange black market transactions pricing advertising receiving or paying for goods and services in foreign currency in Ghana without the appropriate license or authorization required from the Bank of Ghana Ghana Thompson said The general public is hereby notified that the only legal tender currency in Ghana is the Ghana Cedi Thompson said the BOG in collaboration with national security and law enforcement agencies will continue to crack down on illegal forex trading The BOG executive said all violators will be dealt with in accordance with the law and urges the general public to report any witnessed violations to the appropriate authorities Ghana s West African neighbors Nigeria banned the sale of foreign currency to bureaux de change in July 2021 Central Bank of Nigeria Governor Godwin Emefiele said the ban was necessary because the parallel market had become a conduit for illicit currency flows and corruption We are concerned that the BDCs have allowed it to be used for bribery Emefiele said This move is not punitive to anyone but it is to ensure that the CBN is able to carry out its legitimate mandate to serve all Nigerians
    Ghana bans use of foreign currencies in business transactions
    Foreign8 months ago

    Ghana bans use of foreign currencies in business transactions

    Ghanaian authorities said on Thursday that foreign currencies would no longer be allowed to be used for commercial transactions in the country.

    Bank of Ghana Secretary Sandra Thompson said the ban on illegal foreign exchange trading in Ghana is in accordance with the Foreign Exchange Act 2006 (Act 723) and "violations are punishable by summary conviction".

    Banks, companies, institutions and individuals in Ghana are warned to refrain from “engaging in foreign exchange business without a license issued by the Bank of Ghana”.

    In addition, pricing, advertising, receiving or making payments for goods and services in foreign currency in Ghana, without the written permission of the Bank of Ghana, is also prohibited.

    Thompson noted that such violations are punishable on summary conviction, with a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen (18) months, or both.

    “The Bank of Ghana warns the general public to desist from engaging in illegal foreign exchange (black market transactions), pricing, advertising, receiving or paying for goods and services in foreign currency in Ghana, without the appropriate license or authorization. required from the Bank of Ghana. Ghana," Thompson said.

    “The general public is hereby notified that the only legal tender currency in Ghana is the Ghana Cedi.”

    Thompson said the BOG, in collaboration with national security and law enforcement agencies, will continue to crack down on illegal forex trading.

    The BOG executive said all violators will be dealt with in accordance with the law and urges the general public to report any witnessed violations to the appropriate authorities.

    Ghana's West African neighbors Nigeria banned the sale of foreign currency to bureaux de change in July 2021.

    Central Bank of Nigeria Governor Godwin Emefiele said the ban was necessary because the parallel market had become a conduit for illicit currency flows and corruption.

    “We are concerned that the BDCs have allowed it to be used for bribery,” Emefiele said.

    "This move is not punitive to anyone, but it is to ensure that the CBN is able to carry out its legitimate mandate to serve all Nigerians."

  •  The Central Bank of Nigeria spent the sum of N58 6 billion to print 2 52 billion Naira notes valued at N1 1 trillion in 2020 Disclosing these yesterday in its Annual Currency Operations report for 2020 the apex bank also said it utilized 1 83 billion within the same year to fund Bureaux De Changes BDCs and Ministries Agencies and Departments MDAs operations The currency printing cost however indicated a significant decrease Year on Year as it spent N75 5 billion and N64 04 billion in 2019 and 2018 respectively for the same purpose nbsp Driving the Cashless Policy The current management of the CBN under the leadership of Mr Godwin Emefiele has been driving the cashless policy with a view to cutting the cost of printing bank notes and cash management in the country The new e Naira was also initiated in line with the policy According to the report The total cost incurred on printing of banknotes in 2020 amounted to N58 618 50 million compared with N75 523 50 million in 2019 indicating a decrease of 16 905 00 million or 28 84 per cent CBN indicated in the report that the notes were printed in country by the Nigerian Security Printing and Minting Plc NSPM Plc nbsp The Naira Notes Need of the Economy The report indicated that CBN approved an indent of 2 518 68 million pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy compared with 3 830 94 million in the preceding year The NSPM Plc was awarded the contract for the production of the entire indent It put the total stock of currency issuable amp non issuable in the vaults of the bank at end December 2020 at 2 747 billion pieces compared with 2 641 billion pieces in 2019 indicating an increase of 105 73 million pieces or 4 00 per cent The report also indicated that a total of 1 830 billion was procured over the course of 2020 According to the report This value represents a decrease of USD2 120 00 million or 53 67 per cent relative to the USD3 950 00 million procured in 2019 This was used to fund Bureaux De Change BDC operations payment of estacode and Personal Travel Allowances PTA to Ministries Departments and Agencies MDAs nbsp Currency processed In 2020 a total of 173 585 boxes of banknotes valued at N980 758 billion was processed compared with 260 651 boxes of banknotes valued at N1 533 trillion in 2019 This represents a decrease of 33 40 per cent in the number of boxes or N552 971 billion in value of processed banknotes
    How CBN spent 58.6 Billion Naira to print 2.5 Billion Naira Notes Valued at N1.1 Trillion in 2020
     The Central Bank of Nigeria spent the sum of N58 6 billion to print 2 52 billion Naira notes valued at N1 1 trillion in 2020 Disclosing these yesterday in its Annual Currency Operations report for 2020 the apex bank also said it utilized 1 83 billion within the same year to fund Bureaux De Changes BDCs and Ministries Agencies and Departments MDAs operations The currency printing cost however indicated a significant decrease Year on Year as it spent N75 5 billion and N64 04 billion in 2019 and 2018 respectively for the same purpose nbsp Driving the Cashless Policy The current management of the CBN under the leadership of Mr Godwin Emefiele has been driving the cashless policy with a view to cutting the cost of printing bank notes and cash management in the country The new e Naira was also initiated in line with the policy According to the report The total cost incurred on printing of banknotes in 2020 amounted to N58 618 50 million compared with N75 523 50 million in 2019 indicating a decrease of 16 905 00 million or 28 84 per cent CBN indicated in the report that the notes were printed in country by the Nigerian Security Printing and Minting Plc NSPM Plc nbsp The Naira Notes Need of the Economy The report indicated that CBN approved an indent of 2 518 68 million pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy compared with 3 830 94 million in the preceding year The NSPM Plc was awarded the contract for the production of the entire indent It put the total stock of currency issuable amp non issuable in the vaults of the bank at end December 2020 at 2 747 billion pieces compared with 2 641 billion pieces in 2019 indicating an increase of 105 73 million pieces or 4 00 per cent The report also indicated that a total of 1 830 billion was procured over the course of 2020 According to the report This value represents a decrease of USD2 120 00 million or 53 67 per cent relative to the USD3 950 00 million procured in 2019 This was used to fund Bureaux De Change BDC operations payment of estacode and Personal Travel Allowances PTA to Ministries Departments and Agencies MDAs nbsp Currency processed In 2020 a total of 173 585 boxes of banknotes valued at N980 758 billion was processed compared with 260 651 boxes of banknotes valued at N1 533 trillion in 2019 This represents a decrease of 33 40 per cent in the number of boxes or N552 971 billion in value of processed banknotes
    How CBN spent 58.6 Billion Naira to print 2.5 Billion Naira Notes Valued at N1.1 Trillion in 2020
    Banking1 year ago

    How CBN spent 58.6 Billion Naira to print 2.5 Billion Naira Notes Valued at N1.1 Trillion in 2020

    The Central Bank of Nigeria spent the sum of N58.6 billion to print 2.52 billion Naira notes valued at N1.1 trillion in 2020. Disclosing these yesterday in its Annual Currency Operations report for 2020, the apex bank also said it utilized $1.83 billion within the same year to fund Bureaux De Changes (BDCs) and Ministries, Agencies and Departments (MDAs) operations.The currency printing cost, however, indicated a significant decrease Year-on-Year as it spent N75.5 billion and N64.04 billion in 2019 and 2018 respectively for the same purpose. 

    Driving the Cashless Policy

    The current management of the CBN under the leadership of Mr. Godwin Emefiele, has been driving the cashless policy with a view to cutting the cost of printing bank notes and cash management, in the country. The new e-Naira was also initiated in line with the policy.According to the report, “The total cost incurred on printing of banknotes in 2020 amounted to N58,618.50 million, compared with N75,523.50 million in 2019, indicating a decrease of ¦ 16,905.00 million or 28.84 per cent.”CBN indicated in the report that the notes were printed in-country by the Nigerian Security Printing and Minting Plc (NSPM Plc). 

    The Naira Notes Need of the Economy

    The report indicated that CBN, “approved an indent of 2,518.68 million pieces of banknotes of various denominations in 2020 to satisfy the currency needs of the economy, compared with 3,830.94 million in the preceding year.“The NSPM Plc was awarded the contract for the production of the entire indent.”It put the total stock of currency (issuable & non-issuable) in the vaults of the bank at end December, 2020 at 2.747 billion pieces, compared with 2.641 billion pieces in 2019, indicating an increase of 105.73 million pieces or 4.00 per cent.”The report also indicated that a total of $1.830 billion was procured over the course of 2020.According to the report, “This value represents a decrease of USD2,120.00 million or 53.67 per cent relative to the USD3,950.00 million procured in 2019.“This was used to fund Bureaux De Change (BDC) operations, payment of estacode and Personal Travel Allowances (PTA) to Ministries, Departments and Agencies (MDAs).” 

    Currency processed

    In 2020, a total of 173,585 boxes of banknotes valued at N980. 758 billion was processed, compared with 260,651 boxes of banknotes valued at N1. 533 trillion in 2019.This represents a decrease of 33.40 per cent in the number of boxes or N552. 971 billion in value of processed banknotes.

  •   By Emmanuel Mayah and Esme Lowe UK Foreign military aggression gun boat diplomacy trade war and lately exportation of strife in the form of insurgency and terrorism are not the only ways to attack the political fortune of a sovereign nation Another and perhaps the most insidious is covert attack on the country s currency In this case the naira Barely one month after Godwin Emefiele assumed office on June 4 2014 as Central Bank Governor the first proxy attack under his watch on Nigeria s Foreign Reserve happened The United States beginning July 2014 terminated importation of oil from Nigeria whose primary source of dollar inflows was crude export Nigeria was not at war with the US but the naira was ultimately taking a beating Jeff Zients at the time White House Director of the US National Economic Council said the cessation of oil imports from Nigeria arose from a significant rise in US oil production The reduction of US oil importation to zero marked the first time since 1973 that the US did not import oil from Nigeria Until the dramatic reversal Nigeria was still among US s top 5 oil suppliers a factor significant to its status as Africa s largest economy At the peak of their trade relationship Nigeria was exporting 1 3 million barrels per day to the United States The Deutsche Bank apparently snorting at America s official excuse for the unforeseen drastic and total freeze of oil imports from Nigeria suggested a possible political connotation Though Nigeria s high quality crude easily processed into higher octane gasoline was always the preferred choice to American refiners Middle East producers such as Saudi Arabia and Kuwait continue to pump crude oil of a lower quality that US Refiners continue to buy even in the wake of massive shale output The freeze suggested an agenda to strangulate Nigeria s oil exports and to dry up its forex While the US foray into shale oil production may had on the surface justified the termination of oil transactions with Nigeria it could not explain America s continued importations from other oil producing nations including OPEC members like Saudi Arabia and Kuwait and non OPEC suppliers like Canada At the same time the US completely halted oil imports from Nigeria it increased its crude oil importations from Saudi Arabia Kuwait and Canada Additional economic actions strangulating the naira followed in the succeeding years From zero oil import from Nigeria the US went on to export its own oil to countries that had been traditional buyers of Nigerian crude Using new technologies such as horizontal drilling and hydraulic fracturing or fracking the surge in US shale output turned America into the world s top crude producer who deliberately began to put the Nigerian oil under pressure in Europe and Asia Traders and shipping data showed how the US flooded the European market with what one energy trader described as a sea of cheap U S oil Data from Refinitiv Eikon show that after Washington lifted a 40 year ban on exports of U S oil in 2015 shipments to Europe hit an all time high of 25 million barrels in March 2019 from just 2 million barrels in February 2016 This encouraged European refiners to driving a hard bargain offering lesser prices for Nigerian crude Determined to offset the impact of the US actions Nigeria began lifting exports towards Asia According to Platts a specialized information service for the oil industry Nigerian oil sales to Asia s four largest oil importers China Japan India and South Korea rose more than 40 per cent under the Muhammadu Buhari government Steady demands for Nigeria oil from India whose economy has been growing and also from Indonesia helped to checkmate European refiners from dragging market price much lower But U S oil is also heading to India where it is increasingly competing with Nigerian crude Indian Oil Corp the country s top refiner signed its first annual deal to buy U S oil in February 2019 paying about 1 5 billion for 60 000 barrels a day up to March 2020 As Nigeria continued to lose its favourite oil export destinations to the United States the Crude Oil Export Destination Report of the Nigerian National Petroleum Corporation NNPC in 2017 showed that China Peru and Japan have totally stopped importing crude oil from Nigeria Data from Energy Information Administration EIA showed that other countries like The Netherlands United Kingdom UK Italy and Switzerland were also importing from the US Though the Buhari administration was able to steer new imports to the US Nigeria s exports of crude and petroleum products to the United States plunged from 36 4 million barrels in July 2010 to just 5 6 million barrels in January 2019 according to the EIA In monetary terms Nigeria s forex pipelines from America Europe and Asia were either completely turned off or coming in trickles Since the first quarter of 2020 Nigeria has faced an exchange rate crisis triggered by the drop in oil prices With oil prices down pressure on Nigeria s exchange rate grew So also did pressure on the CBN Governor Indeed the job of the Central Bank Governor of Nigeria is no different from that of the weatherman who must constantly watch out for and device responses to hurricane cyclone monsoon rain tsunami and even drought It is a clock work Reserve Assets Management Reserve assets also called foreign exchange reserves or external reserves are regarded as the health meter of a country They are those external assets that are readily available to and controlled by a country s monetary authorities to support and maintain confidence in the policies for monetary and exchange rate management including the capacity to intervene in support of the national currency Nigeria s forex reserves are assets such as foreign currencies old coin or bullion treasury bills with a maturity period not exceeding one year issued by the government of any country outside Nigeria whose currency is freely convertible securities of or guarantees by a government of any country outside Nigeria whose currency is freely convertible securities of or guarantees by international financial institutions Nigeria s Gold Tranche in the International Monetary Fund IMF allocation of Special Drawing Rights SDR made to Nigeria by the IMF and investment by way of loans or debenture in an investment bank or development financial institutions within or outside Nigeria for a maximum period of five years The CBN maintains these reserves to balance the country s payments help influence the foreign exchange rate and support confidence in financial markets They are essentially the bank s back up funds that can be used in case of emergency In essence foreign reserves give the government the confidence and resilience to withstand shocks if a country s currency crashes or devalues In the last six years of volatility in the global oil sector Nigeria s foreign reserves have made headline either by moving upwards or downwards The CBN is the war room where the governor marshals responses to safeguard the international value of the naira Through interventions in the foreign exchange market the CBN governor has severally deflected financial ill winds and limiting external vulnerability by maintaining foreign currency liquidity to absorb shocks during times of crisis or when access to borrowing was curtailed Clinical in approach he has had at critical moment demonstrated confidence to the international community that Nigeria is always able to meet its external obligations Covid 19 China Slowdown and Rebalancing The Corona virus proved to be an existential threat not only to the ordinary man but to big nations and the smaller ones tied to their economic apron strings China s slowdown in the wake of the pandemic had a telling effect on developing countries including Nigeria In October this year third quarter data revealed that the Chinese economy slowed to its lowest pace in a year Calculations based on UN COMTRADE show that Nigeria export 99 9 of its intermediate goods to China For the CBN Governor China s slowing economy has delivered a sick child in need of a cure Like the weatherman season by season it is one precarious weather conditions after another to be predicted and to be contained Naira defence measures under the Emefiele regime In the past years various foreign exchange policies have been introduced by the Central Bank of Nigeria to strengthen the naira In a move to achieve exchange rate stability and preserve the country s forex reserves the CBN in 2015 reviewed downwards the spending limit on the usage of naira denominated debit cards for transactions abroad The apex bank said the limit had been reduced from 150 000 to 50 000 per person annually while a daily cash withdrawal per person was pegged at 300 In June 2015 the CBN announced that it was stopping the supply of forex to 41 items that could easily be produced in Nigeria a development that brought about the forex exclusion policy The implication of the policy was that importers of items on the forex restriction list could no longer get forex directly from the windows created by the apex bank to bring the products into the country Nigeria s food import receipt for example has always been a cause of concern In 2020 alone the country imported 534m worth of refined sugar from Spain Brazil France and India and 2 5bn worth of dairy milk from the Netherlands UK US Australia and others to power its value chain for everything from evaporated milk pasteurized milk to yoghurt cheese chocolate etcetera According to the CBN The implementation of this policy will conserve foreign reserves as well as facilitate the resurrection of domestic industries and improve employment generation In July 2020 the CBN restricted access for the importation of maize through the official CBN forex window It hinged its decision on the need to increase local production stimulate a rapid economic recovery safeguard rural livelihoods and increase jobs which were lost as a result of the ongoing COVID 19 pandemic In August of the same year Emefiele removed buying agents companies or any third party from accessing its SMIS forex window through FORM M forex purchases Authorized Dealers were directed to desist from the opening of Form M whose payment is routed through a buying company agent or any other third parties effectively eliminating third parties or middlemen from transacting in forex deals in CBN s SMIS window In the same August 2020 Godwin Emefiele vowed to go tough on exporters who were guilty of forex non repatriation It was part of his efforts to resolve the prevalent forex crisis in the country by increasing forex liquidity To that end the CBN directed banks to submit the names addresses and Bank Verification Numbers BVNs of all the exporters who had failed to repatriate their export proceeds for necessary action On November 20 2020 the CBN announced the amendment of procedures for receipt of diaspora remittances in an attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I amp E window In the new amended procedure beneficiaries of Diaspora Remittances through International Money Transfer Operators IMTOs would thenceforth receive such inflows in foreign currency US Dollars through the designated bank of their choice In March 2021 the CBN introduced a Naira 4 Dollar Scheme for diaspora remittances which offers recipients of diaspora remittances through CBN s IMTOs to be paid N5 for every 1 received as remittance inflow Perhaps one of the most far reaching policy interventions by the CBN under Godwin Emefiele was in July 2021 when the apex bank took on the Bureau De Change BDC for illegal forex trading and thenceforth discontinued the sale of forex to BDC operators in Nigeria The CBN equally announced it would no longer license new BDC operations in the country just as all current processes for new licenses were halted On August 17 2021 a federal high court in Abuja granted the request of the Central Bank of Nigeria CBN to freeze accounts of six fintech companies The apex bank said it was investigating illegal foreign exchange trading by the fintech companies It sought the court injunction to freeze their account details for 180 days pending the completion of investigations The accounts include Rise Vest Technologies Limited Bamboo Systems Technology Limited Bamboo Systems Technology Limited OPNS Chaka Technologies Limited CTL Business Expenses and Trove Technologies Limited The CBN alleged that Rise Vest Technologies Limited Bamboo Systems Technology Limited Chaka Technologies Limited and Trove Technologies Limited were complicit in operating without license as asset management companies and utilizing FX sourced from the Nigerian FX market for purchasing foreign bonds shares in contravention of the CBN circular referenced TED FEM FPC GEN 01 012 dated July 01 2015 The CBN Governor took a two pronged action on September 17 2021 He announced that that the apex bank in partnership with commercial banks will go after Nigerians who bought dollars with the pretence of traveling abroad According to him the bank will find the people and ensure they refund the dollars PTA BTA they bought only to cancel the tickets He also referred to one Mr Olumide Oniwinde owner of AbokiFX as an illegal FX dealer who will be prosecuted for endangering the Nigerian economy AbokiFX is a website that publishes the parallel market exchange rate of the Naira against other currencies of the world on a daily basis According to the governor Mr Olumide Oniwinde started AbokiFX operation in 2015 and has since milked the economy by taking a position while manipulating the exchange rate He stated that The CBN act section 2 does make it clear that only the Central Bank can determine the value of the naira and yet a single individual living in England continues to manipulate the exchange rate and make huge profit which he withdraws through an ATM in London Eurobond gains Whenever oil price crashed Nigeria s foreign reserve is battered However Nigeria s foreign reserve recorded a further boost of 566 45 million on 18th October 2021 to close at 40 39 billion compared to 39 82 billion recorded in the previous week The reserve position has now surpassed the 40 billion mark largely driven by the fund raised by the federal government to the Eurobond and recent positive rally at the global crude oil market Nigeria raised 4 billion Eurobond in September 2021 which oversubscribed by investors was dubbed one of the biggest financial trades to come out of Africa in 2021 The positivity spurred the Naira to appreciate at both the parallel market and the official window
    FEATURE: CBN’s hacks and hat-tricks to save the naira
      By Emmanuel Mayah and Esme Lowe UK Foreign military aggression gun boat diplomacy trade war and lately exportation of strife in the form of insurgency and terrorism are not the only ways to attack the political fortune of a sovereign nation Another and perhaps the most insidious is covert attack on the country s currency In this case the naira Barely one month after Godwin Emefiele assumed office on June 4 2014 as Central Bank Governor the first proxy attack under his watch on Nigeria s Foreign Reserve happened The United States beginning July 2014 terminated importation of oil from Nigeria whose primary source of dollar inflows was crude export Nigeria was not at war with the US but the naira was ultimately taking a beating Jeff Zients at the time White House Director of the US National Economic Council said the cessation of oil imports from Nigeria arose from a significant rise in US oil production The reduction of US oil importation to zero marked the first time since 1973 that the US did not import oil from Nigeria Until the dramatic reversal Nigeria was still among US s top 5 oil suppliers a factor significant to its status as Africa s largest economy At the peak of their trade relationship Nigeria was exporting 1 3 million barrels per day to the United States The Deutsche Bank apparently snorting at America s official excuse for the unforeseen drastic and total freeze of oil imports from Nigeria suggested a possible political connotation Though Nigeria s high quality crude easily processed into higher octane gasoline was always the preferred choice to American refiners Middle East producers such as Saudi Arabia and Kuwait continue to pump crude oil of a lower quality that US Refiners continue to buy even in the wake of massive shale output The freeze suggested an agenda to strangulate Nigeria s oil exports and to dry up its forex While the US foray into shale oil production may had on the surface justified the termination of oil transactions with Nigeria it could not explain America s continued importations from other oil producing nations including OPEC members like Saudi Arabia and Kuwait and non OPEC suppliers like Canada At the same time the US completely halted oil imports from Nigeria it increased its crude oil importations from Saudi Arabia Kuwait and Canada Additional economic actions strangulating the naira followed in the succeeding years From zero oil import from Nigeria the US went on to export its own oil to countries that had been traditional buyers of Nigerian crude Using new technologies such as horizontal drilling and hydraulic fracturing or fracking the surge in US shale output turned America into the world s top crude producer who deliberately began to put the Nigerian oil under pressure in Europe and Asia Traders and shipping data showed how the US flooded the European market with what one energy trader described as a sea of cheap U S oil Data from Refinitiv Eikon show that after Washington lifted a 40 year ban on exports of U S oil in 2015 shipments to Europe hit an all time high of 25 million barrels in March 2019 from just 2 million barrels in February 2016 This encouraged European refiners to driving a hard bargain offering lesser prices for Nigerian crude Determined to offset the impact of the US actions Nigeria began lifting exports towards Asia According to Platts a specialized information service for the oil industry Nigerian oil sales to Asia s four largest oil importers China Japan India and South Korea rose more than 40 per cent under the Muhammadu Buhari government Steady demands for Nigeria oil from India whose economy has been growing and also from Indonesia helped to checkmate European refiners from dragging market price much lower But U S oil is also heading to India where it is increasingly competing with Nigerian crude Indian Oil Corp the country s top refiner signed its first annual deal to buy U S oil in February 2019 paying about 1 5 billion for 60 000 barrels a day up to March 2020 As Nigeria continued to lose its favourite oil export destinations to the United States the Crude Oil Export Destination Report of the Nigerian National Petroleum Corporation NNPC in 2017 showed that China Peru and Japan have totally stopped importing crude oil from Nigeria Data from Energy Information Administration EIA showed that other countries like The Netherlands United Kingdom UK Italy and Switzerland were also importing from the US Though the Buhari administration was able to steer new imports to the US Nigeria s exports of crude and petroleum products to the United States plunged from 36 4 million barrels in July 2010 to just 5 6 million barrels in January 2019 according to the EIA In monetary terms Nigeria s forex pipelines from America Europe and Asia were either completely turned off or coming in trickles Since the first quarter of 2020 Nigeria has faced an exchange rate crisis triggered by the drop in oil prices With oil prices down pressure on Nigeria s exchange rate grew So also did pressure on the CBN Governor Indeed the job of the Central Bank Governor of Nigeria is no different from that of the weatherman who must constantly watch out for and device responses to hurricane cyclone monsoon rain tsunami and even drought It is a clock work Reserve Assets Management Reserve assets also called foreign exchange reserves or external reserves are regarded as the health meter of a country They are those external assets that are readily available to and controlled by a country s monetary authorities to support and maintain confidence in the policies for monetary and exchange rate management including the capacity to intervene in support of the national currency Nigeria s forex reserves are assets such as foreign currencies old coin or bullion treasury bills with a maturity period not exceeding one year issued by the government of any country outside Nigeria whose currency is freely convertible securities of or guarantees by a government of any country outside Nigeria whose currency is freely convertible securities of or guarantees by international financial institutions Nigeria s Gold Tranche in the International Monetary Fund IMF allocation of Special Drawing Rights SDR made to Nigeria by the IMF and investment by way of loans or debenture in an investment bank or development financial institutions within or outside Nigeria for a maximum period of five years The CBN maintains these reserves to balance the country s payments help influence the foreign exchange rate and support confidence in financial markets They are essentially the bank s back up funds that can be used in case of emergency In essence foreign reserves give the government the confidence and resilience to withstand shocks if a country s currency crashes or devalues In the last six years of volatility in the global oil sector Nigeria s foreign reserves have made headline either by moving upwards or downwards The CBN is the war room where the governor marshals responses to safeguard the international value of the naira Through interventions in the foreign exchange market the CBN governor has severally deflected financial ill winds and limiting external vulnerability by maintaining foreign currency liquidity to absorb shocks during times of crisis or when access to borrowing was curtailed Clinical in approach he has had at critical moment demonstrated confidence to the international community that Nigeria is always able to meet its external obligations Covid 19 China Slowdown and Rebalancing The Corona virus proved to be an existential threat not only to the ordinary man but to big nations and the smaller ones tied to their economic apron strings China s slowdown in the wake of the pandemic had a telling effect on developing countries including Nigeria In October this year third quarter data revealed that the Chinese economy slowed to its lowest pace in a year Calculations based on UN COMTRADE show that Nigeria export 99 9 of its intermediate goods to China For the CBN Governor China s slowing economy has delivered a sick child in need of a cure Like the weatherman season by season it is one precarious weather conditions after another to be predicted and to be contained Naira defence measures under the Emefiele regime In the past years various foreign exchange policies have been introduced by the Central Bank of Nigeria to strengthen the naira In a move to achieve exchange rate stability and preserve the country s forex reserves the CBN in 2015 reviewed downwards the spending limit on the usage of naira denominated debit cards for transactions abroad The apex bank said the limit had been reduced from 150 000 to 50 000 per person annually while a daily cash withdrawal per person was pegged at 300 In June 2015 the CBN announced that it was stopping the supply of forex to 41 items that could easily be produced in Nigeria a development that brought about the forex exclusion policy The implication of the policy was that importers of items on the forex restriction list could no longer get forex directly from the windows created by the apex bank to bring the products into the country Nigeria s food import receipt for example has always been a cause of concern In 2020 alone the country imported 534m worth of refined sugar from Spain Brazil France and India and 2 5bn worth of dairy milk from the Netherlands UK US Australia and others to power its value chain for everything from evaporated milk pasteurized milk to yoghurt cheese chocolate etcetera According to the CBN The implementation of this policy will conserve foreign reserves as well as facilitate the resurrection of domestic industries and improve employment generation In July 2020 the CBN restricted access for the importation of maize through the official CBN forex window It hinged its decision on the need to increase local production stimulate a rapid economic recovery safeguard rural livelihoods and increase jobs which were lost as a result of the ongoing COVID 19 pandemic In August of the same year Emefiele removed buying agents companies or any third party from accessing its SMIS forex window through FORM M forex purchases Authorized Dealers were directed to desist from the opening of Form M whose payment is routed through a buying company agent or any other third parties effectively eliminating third parties or middlemen from transacting in forex deals in CBN s SMIS window In the same August 2020 Godwin Emefiele vowed to go tough on exporters who were guilty of forex non repatriation It was part of his efforts to resolve the prevalent forex crisis in the country by increasing forex liquidity To that end the CBN directed banks to submit the names addresses and Bank Verification Numbers BVNs of all the exporters who had failed to repatriate their export proceeds for necessary action On November 20 2020 the CBN announced the amendment of procedures for receipt of diaspora remittances in an attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I amp E window In the new amended procedure beneficiaries of Diaspora Remittances through International Money Transfer Operators IMTOs would thenceforth receive such inflows in foreign currency US Dollars through the designated bank of their choice In March 2021 the CBN introduced a Naira 4 Dollar Scheme for diaspora remittances which offers recipients of diaspora remittances through CBN s IMTOs to be paid N5 for every 1 received as remittance inflow Perhaps one of the most far reaching policy interventions by the CBN under Godwin Emefiele was in July 2021 when the apex bank took on the Bureau De Change BDC for illegal forex trading and thenceforth discontinued the sale of forex to BDC operators in Nigeria The CBN equally announced it would no longer license new BDC operations in the country just as all current processes for new licenses were halted On August 17 2021 a federal high court in Abuja granted the request of the Central Bank of Nigeria CBN to freeze accounts of six fintech companies The apex bank said it was investigating illegal foreign exchange trading by the fintech companies It sought the court injunction to freeze their account details for 180 days pending the completion of investigations The accounts include Rise Vest Technologies Limited Bamboo Systems Technology Limited Bamboo Systems Technology Limited OPNS Chaka Technologies Limited CTL Business Expenses and Trove Technologies Limited The CBN alleged that Rise Vest Technologies Limited Bamboo Systems Technology Limited Chaka Technologies Limited and Trove Technologies Limited were complicit in operating without license as asset management companies and utilizing FX sourced from the Nigerian FX market for purchasing foreign bonds shares in contravention of the CBN circular referenced TED FEM FPC GEN 01 012 dated July 01 2015 The CBN Governor took a two pronged action on September 17 2021 He announced that that the apex bank in partnership with commercial banks will go after Nigerians who bought dollars with the pretence of traveling abroad According to him the bank will find the people and ensure they refund the dollars PTA BTA they bought only to cancel the tickets He also referred to one Mr Olumide Oniwinde owner of AbokiFX as an illegal FX dealer who will be prosecuted for endangering the Nigerian economy AbokiFX is a website that publishes the parallel market exchange rate of the Naira against other currencies of the world on a daily basis According to the governor Mr Olumide Oniwinde started AbokiFX operation in 2015 and has since milked the economy by taking a position while manipulating the exchange rate He stated that The CBN act section 2 does make it clear that only the Central Bank can determine the value of the naira and yet a single individual living in England continues to manipulate the exchange rate and make huge profit which he withdraws through an ATM in London Eurobond gains Whenever oil price crashed Nigeria s foreign reserve is battered However Nigeria s foreign reserve recorded a further boost of 566 45 million on 18th October 2021 to close at 40 39 billion compared to 39 82 billion recorded in the previous week The reserve position has now surpassed the 40 billion mark largely driven by the fund raised by the federal government to the Eurobond and recent positive rally at the global crude oil market Nigeria raised 4 billion Eurobond in September 2021 which oversubscribed by investors was dubbed one of the biggest financial trades to come out of Africa in 2021 The positivity spurred the Naira to appreciate at both the parallel market and the official window
    FEATURE: CBN’s hacks and hat-tricks to save the naira
    Headlines1 year ago

    FEATURE: CBN’s hacks and hat-tricks to save the naira

    By Emmanuel Mayah and Esme Lowe (UK)

    Foreign military aggression, gun-boat diplomacy, trade war and lately; exportation of strife in the form of insurgency and terrorism are not the only ways to attack the political fortune of a sovereign nation. Another, and perhaps the most insidious, is covert attack on the country’s currency. In this case the naira.

    Barely one month after Godwin Emefiele assumed office on June 4, 2014 as Central Bank Governor, the first proxy attack – under his watch – on Nigeria’s Foreign Reserve happened. The United States, beginning July 2014, terminated importation of oil from Nigeria whose primary source of dollar inflows was crude export. Nigeria was not at war with the US but the naira was ultimately taking a beating.

    Jeff Zients, at the time White House Director of the US National Economic Council, said the cessation of oil imports from Nigeria arose from a significant rise in US oil production.

    The reduction of US oil importation to zero marked the first time since 1973 that the US did not import oil from Nigeria. Until the dramatic reversal Nigeria was still among US’s top 5 oil suppliers – a factor significant to its status as Africa’s largest economy. At the peak of their trade relationship, Nigeria was exporting 1.3 million barrels per day to the United States.

    The Deutsche Bank, apparently snorting at America’s official excuse for the unforeseen, drastic and total freeze of oil imports from Nigeria, suggested a possible political connotation. Though Nigeria’s high quality crude – easily processed into higher octane gasoline – was always the preferred choice to American refiners, Middle East producers such as Saudi Arabia and Kuwait continue to pump crude oil of a lower quality that US Refiners continue to buy even in the wake of massive shale output.

    The freeze suggested an agenda to strangulate Nigeria’s oil exports and to dry up its forex.

    While the US’ foray into shale oil production may had on the surface justified the termination of oil transactions with Nigeria, it could not explain America’s continued importations from other oil producing nations, including OPEC members like Saudi Arabia and Kuwait and non-OPEC suppliers like Canada.

    At the same time the US completely halted oil imports from Nigeria, it increased its crude oil importations from Saudi Arabia, Kuwait and Canada. Additional economic actions strangulating the naira followed in the succeeding years.

    From zero oil import from Nigeria, the US went on to export its own oil to countries that had been traditional buyers of Nigerian crude. Using new technologies such as horizontal drilling and hydraulic fracturing or fracking, the surge in US’ shale output turned America into the world’s top crude producer who deliberately began to put the Nigerian oil under pressure in Europe and Asia.

    Traders and shipping data showed how the US flooded the European market with what one energy trader described as “a sea of cheap U.S. oil.”

    Data from Refinitiv Eikon show that after Washington lifted a 40-year ban on exports of U.S. oil in 2015, shipments to Europe hit an all-time high of 25 million barrels in March 2019 from just 2 million barrels in February 2016. This encouraged European refiners to driving a hard bargain, offering lesser prices for Nigerian crude.

    Determined to offset the impact of the US actions, Nigeria began lifting exports towards Asia. According to Platts, a specialized information service for the oil industry, Nigerian oil sales to Asia’s four largest oil importers – China, Japan, India and South Korea – rose more than 40 per cent under the Muhammadu Buhari government. Steady demands for Nigeria oil from India whose economy has been growing and also from Indonesia helped to checkmate European refiners from dragging market price much lower.

    But U.S. oil is also heading to India, where it is increasingly competing with Nigerian crude. Indian Oil Corp, the country’s top refiner, signed its first annual deal to buy U.S. oil in February 2019, paying about $1.5 billion for 60,000 barrels a day up to March 2020.

    As Nigeria continued to lose its favourite oil export destinations to the United States, the Crude Oil Export Destination Report of the Nigerian National Petroleum Corporation (NNPC) in 2017 showed that China, Peru, and Japan have totally stopped importing crude oil from Nigeria.

    Data from Energy Information Administration (EIA) showed that other countries like The Netherlands, United Kingdom (UK), Italy and Switzerland were also importing from the US. Though the Buhari administration was able to steer new imports to the US, Nigeria’s exports of crude and petroleum products to the United States plunged from 36.4 million barrels in July 2010 to just 5.6 million barrels in January 2019, according to the EIA.

    In monetary terms, Nigeria’s forex pipelines from America, Europe and Asia were either completely turned off or coming in trickles.

    Since the first quarter of 2020, Nigeria has faced an exchange rate crisis triggered by the drop in oil prices. With oil prices down, pressure on Nigeria’s exchange rate grew. So also did pressure on the CBN Governor.

    Indeed, the job of the Central Bank Governor of Nigeria is no different from that of the weatherman who must constantly watch out for and device responses to hurricane, cyclone, monsoon rain, tsunami and even drought. It is a clock work.

    Reserve Assets Management

    Reserve assets also called foreign exchange reserves or external reserves are regarded as the health meter of a country. They are those external assets that are readily available to and controlled by a country’s monetary authorities to support and maintain confidence in the policies for monetary and exchange rate management including the capacity to intervene in support of the national currency.

    Nigeria’s forex reserves are assets such as foreign currencies; old coin or bullion; treasury bills (with a maturity period not exceeding one year) issued by the government of any country outside Nigeria whose currency is freely convertible; securities of, or guarantees by, a government of any country outside Nigeria whose currency is freely convertible; securities of, or guarantees by international financial institutions; Nigeria’s Gold Tranche in the International Monetary Fund (IMF); allocation of Special Drawing Rights (SDR) made to Nigeria by the IMF; and investment by way of loans or debenture in an investment bank or development financial institutions within or outside Nigeria for a maximum period of five years.

    The CBN maintains these reserves to balance the country’s payments, help influence the foreign exchange rate, and support confidence in financial markets. They are essentially the bank’s back-up funds that can be used in case of emergency. In essence, foreign reserves give the government the confidence and resilience to withstand shocks if a country’s currency crashes or devalues.

    In the last six years of volatility in the global oil sector, Nigeria’s foreign reserves have made headline either by moving upwards or downwards. The CBN is the war room where the governor marshals responses to safeguard the international value of the naira.

    Through interventions in the foreign exchange market, the CBN governor has severally deflected financial ill-winds and limiting external vulnerability by maintaining foreign currency liquidity to absorb shocks during times of crisis or when access to borrowing was curtailed. Clinical in approach, he has had at critical moment demonstrated confidence to the international community that Nigeria is always able to meet its external obligations.

    Covid-19, China Slowdown and Rebalancing

    The Corona virus proved to be an existential threat not only to the ordinary man but to big nations and the smaller ones tied to their economic apron strings. China’s slowdown in the wake of the pandemic had a telling effect on developing countries including Nigeria. In October this year third-quarter data revealed that the Chinese economy slowed to its lowest pace in a year.

    Calculations based on UN COMTRADE show that Nigeria export 99.9 of its intermediate goods to China. For the CBN Governor, China’s slowing economy has delivered a sick child in need of a cure. Like the weatherman, season by season, it is one precarious weather conditions after another to be predicted and to be contained.

    Naira defence measures under the Emefiele regime

    In the past years various foreign exchange policies have been introduced by the Central Bank of Nigeria to strengthen the naira.

    In a move to achieve exchange rate stability and preserve the country’s forex reserves, the CBN in 2015 reviewed downwards the spending limit on the usage of naira-denominated debit cards for transactions abroad. The apex bank said the limit had been reduced from $150,000 to $50,000 per person annually, while a daily cash withdrawal per person was pegged at $300.

    In June 2015, the CBN announced that it was stopping the supply of forex to 41 items that could easily be produced in Nigeria, a development that brought about the forex exclusion policy.

    The implication of the policy was that importers of items on the forex restriction list could no longer get forex directly from the windows created by the apex bank to bring the products into the country.

    Nigeria’s food import receipt, for example, has always been a cause of concern. In 2020 alone, the country imported $534m worth of refined sugar from Spain, Brazil, France and India, and $2.5bn worth of dairy milk from the Netherlands, UK, US, Australia, and others, to power its value chain for everything from evaporated milk, pasteurized milk, to yoghurt, cheese, chocolate etcetera.

    According to the CBN, “The implementation of this policy will conserve foreign reserves as well as facilitate the resurrection of domestic industries and improve employment generation.”

    In July 2020 the CBN restricted access for the importation of maize through the official CBN forex window. It hinged its decision on the need ‘to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs which were lost as a result of the ongoing COVID-19 pandemic.’

    In August of the same year Emefiele removed buying agents/companies or any third party from accessing its SMIS forex window through FORM M forex purchases. Authorized Dealers were directed to desist from the opening of Form M whose payment is routed through a buying company/agent or any other third parties, effectively eliminating third parties or middlemen from transacting in forex deals in CBN’s SMIS window.

    In the same August 2020, Godwin Emefiele vowed to go tough on exporters who were guilty of forex non-repatriation. It was part of his efforts to resolve the prevalent forex crisis in the country by increasing forex liquidity. To that end, the CBN directed banks to submit the names, addresses, and Bank Verification Numbers (BVNs) of all the exporters who had failed to repatriate their export proceeds, for necessary ‘action’.

    On November 20, 2020

    the CBN announced the amendment of procedures for receipt of diaspora remittances in an attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window. In the new amended procedure, beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) would thenceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice.

    In March 2021 the CBN introduced a ‘Naira 4 Dollar Scheme’ for diaspora remittances, which offers recipients of diaspora remittances through CBN’s IMTOs to be paid N5 for every $1 received as remittance inflow.

    Perhaps one of the most far-reaching policy interventions by the CBN under Godwin Emefiele was in July 2021 when the apex bank took on the Bureau De Change (BDC) for illegal forex trading and thenceforth discontinued the sale of forex to BDC operators in Nigeria. The CBN equally announced it would no longer license new BDC operations in the country just as all current processes for new licenses were halted.

    On August 17, 2021 a federal high court in Abuja granted the request of the Central Bank of Nigeria (CBN) to freeze accounts of six fintech companies.

    The apex bank said it was investigating “illegal foreign exchange trading” by the fintech companies. It sought the court injunction to freeze their account details for 180 days pending the completion of investigations.

    The accounts include Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.

    The CBN alleged that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited were complicit in operating without license as asset management companies “and utilizing FX sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of the CBN circular referenced TED/FEM/FPC/GEN/01/012, dated July 01, 2015.”

    The CBN Governor took a two-pronged action on September 17, 2021. He announced that

    that the apex bank in partnership with commercial banks will go after Nigerians who bought dollars with the pretence of traveling abroad. According to him, the bank will find the people and ensure they refund the dollars (PTA/BTA) they bought only to cancel the tickets.

    He also referred to one Mr Olumide Oniwinde, owner of AbokiFX as an illegal FX dealer who will be prosecuted for endangering the Nigerian economy.

    AbokiFX is a website that publishes the parallel market exchange rate of the Naira against other currencies of the world on a daily basis.

    According to the governor, Mr Olumide Oniwinde started AbokiFX operation in 2015 and has since milked the economy by taking a position, while manipulating the exchange rate.

    He stated that, “The CBN act section 2, does make it clear that only the Central Bank can determine the value of the naira, and yet a single individual living in England continues to manipulate the exchange rate and make huge profit which he withdraws through an ATM in London.”

    Eurobond gains

    Whenever oil price crashed, Nigeria’s foreign reserve is battered. However, Nigeria’s foreign reserve recorded a further boost of $566.45 million on 18th October 2021 to close at $40.39 billion compared to $39.82 billion recorded in the previous week. The reserve position has now surpassed the $40 billion mark, largely driven by the fund raised by the federal government to the Eurobond and recent positive rally at the global crude oil market.

    Nigeria raised $4 billion Eurobond in September 2021 which, oversubscribed by investors, was dubbed one of the biggest financial trades to come out of Africa in 2021. The positivity spurred the Naira to appreciate at both the parallel market and the official window.

  •   The EFCC Economic and Financial Crimes Commission on Thursday arrested a former chairman of the board of the Nigeria Social Insurance Trust Fund NSITF Ngozi Olejeme before Judge Maryam Hassan Aliyu of the High Court of the Federal Capital Territory Jabi Abuja She was charged with nine counts bordering on criminal association abuse of power embezzlement of public funds and money laundering She allegedly abused her position to obtain N 1 384 010 000 and 48 485 127 00 The offense violated the provisions of Articles 8 9 1 b 1 punishable under the Corrupt Practices and Other Related Offenses Act 2000 and Articles 17 1 2 39 of the EFCC establishment law 2004 and punishable under the same article Count three of the indictment reads That you Dr Mrs Ngozi Olejeme are the former chairman of the board of directors of the Nigeria Social Insurance Trust Fund NSITF sometimes between 2012 and 2015 in Abuja in the jurisdiction of the High Court of the Federal Capital Territory Abuja while being charged with dominating money belonging to the Nigerian Social Insurance Trust Fund NSITF dishonestly received the sum of N 350 000 000 00 three hundred and fifty million naira paid into Able Jes Nigeria Limited GT bank account No 323277283110 a company which interests you and which has used your position to give undue advantage to said company by receiving various payments from BDCs the sum of N 20 670 000 00 twenty million six hundred and seventy naira by a certain Hassan Kano a BDC operator on April 26 2013 the sum of 236 350 000 00 N two hundred and thirty six million three hundred and fifty thousand naira paid by a certain Musa Adamu a BDC operator on April 21 2013 the sum of N20 670 000 00 twenty million six hundred and seventy thousand naira paid by Mansur Abubakar a BDC operator on April 30 2013 the sum of N16 160 000 00 sixteen million one hundred and sixty thousand naira paid by a single Dauda Bullama on April 30 2013 and the sum of N36 570 000 00 thirty six million five hundred and seventy thousand naira paid by a Sauki BDC operator on May 8 2013 thus committed an offense contrary to section 19 and punishable under the same section of the 2000 law on corrupt practices and other related offenses Count four reads That you Dr Mrs Ngozi Olejeme are the former Chairman of the Board of Directors of Nigeria Social Insurance Trust Fund NSITF sometimes between 2012 and 2015 in Abuja in the jurisdiction of the High Court of the Federal Capital Territory Abuja while being charged with domination over money belonging to the Nigeria Social Insurance Trust Fund NSITF has been given the benefit of being of service in the discharge of your official duties to NSITF by receiving the sum of N505 000 000 00 five hundred and five million naira from Sir Adebayo Adebowale Aderibigbe which came from the sums paid by NSTTF to the accounts Fountain Media Consults Ltd and Fountain Legal Services as bribes de vin and thereby committed an offense contrary to section 8 i b ii and punishable under Section 8 D i of the Corrupt Practices and Other Related Offenses Act 2000 The accused pleaded not guilty when the charges were read to him On his plea EFCC lawyer Steve Odiase requested a trial date Defense attorney Paul Erokoro SAN informed the court of a pending bail application that was filed on October 18 2021 and urged the court to grant his client bail on a voluntary or subsidiary commitment in the most liberal terms He informed the court that his client was not in danger of fleeing as she returned voluntarily to Nigeria when she learned that the prosecution wanted to question her Mr Erokoro further said the bail request was medically based as the accused has been diabetic and hypertensive for 30 years and has had four major surgeries in the United States and South Africa Mr Erokoro said the recent medical report from accused Federal Medical Center Jabi indicated that she needed close medical supervision because her condition may lead to a medical emergency The prosecution lawyer did not oppose the bail application but urged the court to deny the granting of the self recognizance bond as suggested by the defense lawyer The judge adjourned until Friday October 21 2021 to rule on the bail application and placed the defendant in the custody of the EFCC
    EFCC arraigns ex-NSITF chair, Ngozi Olejeme, over multi-billion naira fraud
      The EFCC Economic and Financial Crimes Commission on Thursday arrested a former chairman of the board of the Nigeria Social Insurance Trust Fund NSITF Ngozi Olejeme before Judge Maryam Hassan Aliyu of the High Court of the Federal Capital Territory Jabi Abuja She was charged with nine counts bordering on criminal association abuse of power embezzlement of public funds and money laundering She allegedly abused her position to obtain N 1 384 010 000 and 48 485 127 00 The offense violated the provisions of Articles 8 9 1 b 1 punishable under the Corrupt Practices and Other Related Offenses Act 2000 and Articles 17 1 2 39 of the EFCC establishment law 2004 and punishable under the same article Count three of the indictment reads That you Dr Mrs Ngozi Olejeme are the former chairman of the board of directors of the Nigeria Social Insurance Trust Fund NSITF sometimes between 2012 and 2015 in Abuja in the jurisdiction of the High Court of the Federal Capital Territory Abuja while being charged with dominating money belonging to the Nigerian Social Insurance Trust Fund NSITF dishonestly received the sum of N 350 000 000 00 three hundred and fifty million naira paid into Able Jes Nigeria Limited GT bank account No 323277283110 a company which interests you and which has used your position to give undue advantage to said company by receiving various payments from BDCs the sum of N 20 670 000 00 twenty million six hundred and seventy naira by a certain Hassan Kano a BDC operator on April 26 2013 the sum of 236 350 000 00 N two hundred and thirty six million three hundred and fifty thousand naira paid by a certain Musa Adamu a BDC operator on April 21 2013 the sum of N20 670 000 00 twenty million six hundred and seventy thousand naira paid by Mansur Abubakar a BDC operator on April 30 2013 the sum of N16 160 000 00 sixteen million one hundred and sixty thousand naira paid by a single Dauda Bullama on April 30 2013 and the sum of N36 570 000 00 thirty six million five hundred and seventy thousand naira paid by a Sauki BDC operator on May 8 2013 thus committed an offense contrary to section 19 and punishable under the same section of the 2000 law on corrupt practices and other related offenses Count four reads That you Dr Mrs Ngozi Olejeme are the former Chairman of the Board of Directors of Nigeria Social Insurance Trust Fund NSITF sometimes between 2012 and 2015 in Abuja in the jurisdiction of the High Court of the Federal Capital Territory Abuja while being charged with domination over money belonging to the Nigeria Social Insurance Trust Fund NSITF has been given the benefit of being of service in the discharge of your official duties to NSITF by receiving the sum of N505 000 000 00 five hundred and five million naira from Sir Adebayo Adebowale Aderibigbe which came from the sums paid by NSTTF to the accounts Fountain Media Consults Ltd and Fountain Legal Services as bribes de vin and thereby committed an offense contrary to section 8 i b ii and punishable under Section 8 D i of the Corrupt Practices and Other Related Offenses Act 2000 The accused pleaded not guilty when the charges were read to him On his plea EFCC lawyer Steve Odiase requested a trial date Defense attorney Paul Erokoro SAN informed the court of a pending bail application that was filed on October 18 2021 and urged the court to grant his client bail on a voluntary or subsidiary commitment in the most liberal terms He informed the court that his client was not in danger of fleeing as she returned voluntarily to Nigeria when she learned that the prosecution wanted to question her Mr Erokoro further said the bail request was medically based as the accused has been diabetic and hypertensive for 30 years and has had four major surgeries in the United States and South Africa Mr Erokoro said the recent medical report from accused Federal Medical Center Jabi indicated that she needed close medical supervision because her condition may lead to a medical emergency The prosecution lawyer did not oppose the bail application but urged the court to deny the granting of the self recognizance bond as suggested by the defense lawyer The judge adjourned until Friday October 21 2021 to rule on the bail application and placed the defendant in the custody of the EFCC
    EFCC arraigns ex-NSITF chair, Ngozi Olejeme, over multi-billion naira fraud
    Headlines1 year ago

    EFCC arraigns ex-NSITF chair, Ngozi Olejeme, over multi-billion naira fraud

    The EFCC Economic and Financial Crimes Commission on Thursday arrested a former chairman of the board of the Nigeria Social Insurance Trust Fund, NSITF, Ngozi Olejeme, before Judge Maryam Hassan Aliyu of the High Court of the Federal Capital Territory , Jabi Abuja.

    She was charged with nine counts bordering on criminal association, abuse of power, embezzlement of public funds and money laundering.

    She allegedly abused her position to obtain N 1,384,010,000 and $ 48,485,127.00.

    The offense violated the provisions of Articles 8, 9 (1) (b) (1), punishable under the Corrupt Practices and Other Related Offenses Act 2000 and Articles 17, (1) (2) , 39 of the EFCC (establishment) law, 2004 and punishable under the same article.

    Count three of the indictment reads: “That you, Dr (Mrs.) Ngozi Olejeme, are the former chairman of the board of directors of the Nigeria Social Insurance Trust Fund (NSITF) sometimes between 2012 and 2015 in Abuja in the jurisdiction of the High Court of the Federal Capital Territory, Abuja, while being charged with dominating money belonging to the Nigerian Social Insurance Trust Fund (NSITF) dishonestly received the sum of N 350,000,000.00 (three hundred and fifty million naira) paid into Able Jes Nigeria Limited GT bank account No. 323277283110, a company which interests you and which has used your position to give undue advantage to said company by receiving various payments from BDCs; the sum of N 20,670,000.00 (twenty million, six hundred and seventy naira) by a certain Hassan Kano, a BDC operator on April 26, 2013; the sum of 236,350,000.00 N (two hundred and thirty-six million, three hundred and fifty thousand naira) paid by a certain Musa Adamu, a BDC operator on April 21, 2013; the sum of N20,670,000.00 (twenty million, six hundred and seventy thousand naira) paid by Mansur Abubakar, a BDC operator on April 30, 2013; the sum of N16 160,000.00 (sixteen million one hundred and sixty thousand naira paid by a single Dauda Bullama on April 30, 2013; and the sum of N36,570,000.00 (thirty six million five hundred and seventy thousand naira) paid by a Sauki, BDC operator on May 8, 2013, thus committed an offense contrary to section 19 and punishable under the same section of the 2000 law on corrupt practices and other related offenses ”.

    Count four reads: "That you, Dr (Mrs.) Ngozi Olejeme, are the former Chairman of the Board of Directors of Nigeria Social Insurance Trust Fund (NSITF) sometimes between 2012 and 2015 in Abuja in the jurisdiction of the High Court of the Federal Capital Territory, Abuja, while being charged with domination over money belonging to the Nigeria Social Insurance Trust Fund (NSITF) has been given the benefit of being of service in the discharge of your official duties to (NSITF) by receiving the sum of N505,000,000.00 (five hundred and five million naira) from Sir Adebayo Adebowale Aderibigbe which came from the sums paid by (NSTTF) to the accounts Fountain Media Consults Ltd and Fountain Legal Services as bribes- de-vin and thereby committed an offense contrary to section 8 (i) (b) (ii) and punishable under Section 8 (D) (i) of the Corrupt Practices and Other Related Offenses Act 2000 ".

    The accused pleaded "not guilty" when the charges were read to him.

    On his plea, EFCC lawyer Steve Odiase requested a trial date.

    Defense attorney Paul Erokoro, SAN informed the court of a pending bail application that was filed on October 18, 2021 and urged the court to grant his client bail on a voluntary or subsidiary commitment, in the most liberal terms.

    He informed the court that his client was not in danger of fleeing as she returned voluntarily to Nigeria when she learned that the prosecution wanted to question her.

    Mr Erokoro further said the bail request was medically based as the accused has been diabetic and hypertensive for 30 years and has had four major surgeries in the United States and South Africa.

    Mr Erokoro said the recent medical report from accused Federal Medical Center Jabi indicated that she needed close medical supervision because her condition may lead to a medical emergency.

    The prosecution lawyer did not oppose the bail application, but urged the court to deny the granting of the self-recognizance bond, as suggested by the defense lawyer.

    The judge adjourned until Friday, October 21, 2021 to rule on the bail application and placed the defendant in the custody of the EFCC.

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