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“I am Not Available to Brief You”, CBN Governor Replies House of Rep

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Godwin Emefiele - Investors King

Following his failure to appear before the House of Representatives over the controversial withdrawal limit, Godwin Emefiele, the Central Bank Governor, has said he was not available to brief the lower chamber. 

It should be recalled that the house of representatives had summoned the apex bank governor to brief members on how Nigerians and businesses will fare in the face of the withdrawal limit policy.

A number of groups including the Association of Mobile Money Operators of Nigeria lamented that the new policy is capable of ruining their business. 

Investors King earlier reported that the central bank restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

The policy however stated that withdrawals above the thresholds would attract processing fees of five percent and 10 respectively for individuals and corporate entities.

In addition, the new withdrawal regime further pegged the maximum cash withdrawal per week via Automated teller Machine (ATM) at N100,000 subject to a maximum of N20,000 cash withdrawal per day while the maximum amount that can be withdrawn via the Point of Sale (POS) terminal was limited to N20,000 daily. 

The CBN Governor, in a letter written by the Deputy Governor, Corporate Services, Edward Adamu, said he is currently outside the country for an official assignment.

“Regrettably, the governor is unavailable to brief the House of Representatives at this time, because he has other scheduled official engagements he is currently addressing abroad,” the letter partially read. 

Emefiele further stated that he will communicate with the House on an appropriate date upon his return to the country. 

“The governor regrets this and will contact the House of Representatives as soon as he returns to the country from his official assignment,” it read. 

While reacting to the letter, the Speaker of the House of Representatives, Hon. Femi Gbajabiamila questioned why the CBN governor will be outside the country for more than two weeks. He, therefore, stated that the CBN governor should make himself available as soon as he returns to the country. 

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Naira

Black Market Dollar To Naira Exchange Rate For Today 28th January 2023

Dollar to naira exchange rate today black market (Aboki dollar rate)

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New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 28th January on Investors King.

This online 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.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Saturday, 28th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Saturday morning, January 28, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Naira

‘100 Days Enough to Deposit Old Currency,’ CBN Insists on Jan. 31 Deadline

CBN has insisted on the earlier announced January 31, 2023 deadline

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New Naira notes

As pressures and appeals rise for an extension of the deadline for deposit of old naira notes, the Central Bank of Nigeria, CBN has insisted on the earlier announced January 31, 2023 deadline.

Investors King recalls that last year the CBN declared that new N200, N500, N1000 notes will be made available in banks on Dec 15, 2022 and the old currencies will cease to become legal tender by Jan. 31, 2023.

Reactions have trailed the redesigned naira notes and the stipulated deadline due to the slow circulation of the new currencies.

The Senate of the National Assembly, on Tuesday said the CBN should extend the deadline for old notes deposit by six months and compel banks to open naira exchange windows for those who do not have bank accounts.

Reacting to the increasing pressures, CBN Governor, Godwin Emefiele said there is no going back on the deadline given.

Emefiele declared this on Tuesday during a meeting of the Monetary Policy Committee in Abuja.

According to him, 90–100 days is enough to deposit the old naira notes in the bank, adding that the CBN compelled banks to remain open including on Saturdays in order to accept more cash deposits.

He noted that the apex bank is yet to identify any cogent reason why the deadline should be moved as agitated by some section of the people.

“Unfortunately, I don’t have good news for those who say we should shift the deadline. The reason is because 90 days, in fact, 100 days, is enough for anybody who has the old currency to deposit it in the bank.

“We took every measure to ensure all the banks remain open to receive the old currency, including opening on Saturdays. We do not see any reason to begin to talk about a shift. We believe 100 days is more than adequate,” Emefiele said.

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Black Market Dollar To Naira Exchange Rate For Today 22nd January 2023

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on

New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 22nd January on Investors King.

This online 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.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦757, and the price can change (high or low) within hours.

How Much Is Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N757 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 757

The local currency opened at N757.00 per $1 at the parallel market otherwise known as the black market today Sunday, 22 January 2023, in Lagos Nigeria, after it closed at N757 per $1 on Saturday, 21st January 2023.

Even though the dollar to naira opened in the parallel market at N757 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Sunday morning, January 20, 2023, after they purchased N744 and sold for N746 on Thursday, 19 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 16, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 9, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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