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CBN Defends Arabic Inscriptions on Naira Notes, Refuses Removal

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Naira to Dollar Exchange- Investors King Rate - Investors King

The Central Bank of Nigeria has defended the Arabic inscriptions on Nigeria’s currencies against a lawsuit seeking its removal

The apex bank argued that the Ajami (Arabic) inscription is not a symbol of Islam or its mark but an inscription to aid non-English speakers who are literate in the use of Ajami for trade.

However, Chief Malcom Omirhobo, the lawyer that dragged the apex bank to court, argued that an Arabic inscription on the nation’s currency has naturally portrayed and branded Nigeria as an Islamic nation, against its constitutional status of a secular state.

Omirhobo further stated that the action of the apex bank violates section 10 and 55 of Nigeria’s constitution.

Section 10 reads: “The government of the Federation or of a state shall not adopt any religion as state religion.”

Therefore, Omirhobo prayed that the court compelled the central bank from “further approving, printing and issuing naira notes with Arabic inscriptions, bearing in mind that Nigeria is a secular state.

The Lagos based lawyer also prayed that the court mandates the central bank to replace the Ajami inscriptions with either English language or any of the nation’s three official languages, Yoruba, Hausa or Igbo.

Abiola Lawal, counsel to the apex bank, in a counter-affidavit, argued that “the Ajami inscriptions on some of the country’s currencies do not connote any religious statements or Arabian alignment.

Lawal insisted that the Ajami inscriptions were not a threat to Nigeria’s unity or secular status.

He said: “The inscriptions on the country’s currencies do not and at no time have they threatened the secular statehood of the nation or have they violated the Constitution of Nigeria, as every design and inscription was finalised with the approval of the relevant government bodies.”

Lawal stated that “Ajami inscriptions” on the naira notes dates back to the colonial era “and they do not imply that Arabic is an official language in Nigeria.

Quoting CBN, he said, “The naira notes retained the inscriptions with Ajami since 1973 when the name of the Nigerian currency was changed to naira from pounds.

“The Ajami was inscribed on the country’s currency by the colonialists to aid those without Western education in certain parts of the country, who, back then, constituted a larger part of the populace.

“The Ajami is not a symbol or mark of Islam but an inscription to aid the populace uneducated in Western education in ease of trade.”

Finally, Lawal said the removal of Arabic inscriptions “would cost the tax-paying Nigerians and the Federal Government colossal sum of money to discard the existing naira notes and print new ones in satisfaction of the plaintiff.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

CBN Denies Devaluing Naira, Says News is Fake

The Central Bank of Nigeria (CBN) has denied devaluing the Nigerian Naira from N464.67 per dollar to N631 reported by some online platforms.

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Naira Exchange Rates - Investors King

The Central Bank of Nigeria (CBN) has denied devaluing the Nigerian Naira from N464.67 per dollar to N631 reported by some online platforms.

The platforms had quoted Importers and Exporters (I&E) foreign exchange window used by the central bank as the official exchange rate as its source, however, a check by Investors King showed that the Naira to Dollar exchange rate opened at N464.10 and closed at N464.67 on Wednesday.

A top official of the apex bank, who told this medium that the report is completely false, warned that such reports could have serious adverse consequences for the economy.

“The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”

According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.

President Bola Ahmed Tinubu, during his inauguration speech, had announced that one of his administration’s agenda is to converge the nation’s numerous exchange rates and streamline business processes to encourage foreign investors’ participation in economic growth.

The new president went on to announce an end to fuel subsidy that has plummeted the nation’s resources at the expense of development in strategic sectors.

On Tuesday, the Nigerian stock exchange responded positively to the news with investors scooping as much as they could ahead of a projected better economy. The Nigerian stock market appreciated by over 5% in a single day, the largest of such gain in 30 months and the second largest in  7 years.

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Banking Sector Committed to Expanding Foreign Exchange Supply, says CBN Governor

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First Bank

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has stated that the banking sector is dedicated to expanding foreign exchange supply in the country.

Speaking at the third edition of the biannual RT200 non-oil export summit in Lagos, Emefiele noted that the RT200 programme had made significant progress in export proceed repatriation since its establishment in February 2022.

According to the Governor, the CBN is committed to strengthening and expanding foreign exchange supply into the market, and everyone is important in the clarion call of expanding the supply of foreign exchange inflow into the economy. Emefiele also assured exporters of the Bankers’ Committee and the CBN’s readiness to partner with them to achieve their goals.

Emefiele stated that the RT200 programme aimed to identify the challenges and opportunities associated with the programme and proffer workable solutions for successful implementation of the programme for greater results going forward. The Governor also revealed that available data shows that repatriation due to the programme increased by 40% from $3.0bn in 2021 to $5.6bn at the end of 2022.

Emefiele further stated that the momentum for 2023 is equally showing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7bn was repatriated to the economy, while about $790m was sold at the I&E window year-to-date.

The CBN Governor called on all stakeholders to join hands with the banking sector to expand foreign exchange supply in the country. For exporters, Emefiele reassured them of the Bankers’ Committee and the CBN’s support to help them achieve their goals in the international market.

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Naira

Dollar to Naira Exchange Rate Today May 11th, 2023

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New Naira Notes

As of May 11th, 2023, the dollar to naira exchange rate is 1 USD to 735 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦735, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦742 and ₦735 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦742 and sold for ₦735.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 742
Selling Rate 735

Investors King understands that although the dollar to naira opened at N735 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Thursday, May 11th, 2023, individuals in the black market purchased one US dollar for N742 and sold it for N735. This shows that the value of the Naira declined slightly when compared to Wednesday, May 3rd, 2023, when the local currency was exchanged at N738 and sold for N741.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar to naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

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