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We have moved all templates to this collection page. It includes All Resume and Cover Letter Templates, Business Plan Templates, Invoice Templates and More...

Tuesday, July 23, 2024

Naira Exchange Rate

Naira Achieves Best Daily Gains Since March Amid Boosted FX Inflows and Prospective Interest Rate Hike

Rewritten Blog Post:The Nigerian Naira performed really well against the stable US dollar recently, thanks to more money coming in from the Central Bank of Nigeria (CBN). This is the best improvement seen since March.The Central Bank is planning...

Nigerian Banks: Exploring Their Foreign Exchange Gains

In 2023 and the first part of 2024, Nigeria's top banks made a lot of money from foreign exchange (FX) gains, totaling about N3.37 trillion. This happened mainly because the Naira, Nigeria's currency,...

eNaira Constitutes Less Than 1% of Circulating Currency as of March 2024

In March 2024, Nigeria’s digital money, eNaira, was less than 1% of all money being used, almost three years after it started. Central Bank of Nigeria (CBN) data...

Nigeria’s Foreign Reserves Climb to $36.89 Billion – Cardoso Reports

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said that Nigeria’s savings in foreign money have gone up to $36.89 billion by July 16, 2024. Mr. Cardoso told this to the Senate...

Analysts Forecast Naira Stabilization Between N1,423.26/$ and N1,550/$ by End of 2024

Sure, I'll rewrite the blog post in simpler terms so that it's easy for everyone, including kindergartners, to understand. Here we go:Experts at United Capital Plc think Nigeria's money exchange rate will become steady. They believe it...

Summer Travel and Robust U.S. Dollar Drive Naira to 4-Month Low

During summer vacation, people travel more and need foreign money. This makes Nigeria's naira weaker. On Wednesday, one dollar cost N1,612.50 in the official market, which is a four-month low.Interestingly, in the black market, the naira did a bit...

CBN Sells $106.5 Million to 29 FX Dealer Banks, Cites Demand Pressure for Naira Depreciation

The Central Bank of Nigeria (CBN) has shared some big news! They have sold $106.5 million in foreign exchange (FX) to 29 banks.Dr. Omolara Omotunde Duke, the Director of Financial Markets Department, explained that on...

Shareholders Criticize Government’s 50% Windfall Tax on Banks’ Forex Profits

The New Dimension Shareholders Association of Nigeria is very unhappy with the Nigerian Government's plan to add a big 50% tax on banks because they made money from foreign exchanges. President Bola Tinubu suggested...

CBN Could Allocate Up to $110.81 Million for FX Sales to BDCs This Year

The Central Bank of Nigeria (CBN) might spend up to $110.81 million selling foreign money (FX) to authorized Bureau De Change (BDCs) this year.So far, CBN has sold FX five times to these BDCs. If all 1,583 approved BDCs...

Exchange Rate Surges Past N1,600/$1 in Parallel Market, Reaches N1,630/$1 on Online Platforms

Right now, if you want to buy dollars with naira on the street (not at banks), you need more than N1,600 for one dollar. Our local currency, the naira, is struggling. ...

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The curtain falls for Toumani Diabaté, master of Kora music, By Yusuf Bangura

Toumani DiabateDiabaté was widely acknowledged as the finest kora player of his generation. His calm, dignified and effortless kora...