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Keystone and Union Banks Set Ablaze by Angry Nigerian Youths

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Once again, protests have erupted in Nigeria over the lingering scarcity of the Naira, the country’s official currency. This time, videos circulating on social media show two banks set on fire in the Sagamu area of Ogun State.

Residents watched helplessly as Keystone and Union banks were engulfed in flames by angry youths wielding planks in protest, Investors King reports.

This recent protest comes barely a week after a similar incident in the Mowe-Ibafo area of Ogun State where many residents blocked the Lagos-Ibadan Expressway in protest of the worsening economic conditions caused by the naira scarcity. These protests are a reflection of the desperation and frustration felt by Nigerians who are grappling with the harsh economic realities of the country.

In a national broadcast last week, President Muhammadu Buhari announced that the old N500 and N1,000 notes were no longer legal tender in the country, adding to the confusion and uncertainty that has characterized the country’s monetary policy in recent years. The government has been trying to tackle inflation by introducing new banknotes, but the move has been met with mixed reactions from Nigerians.

While some believe the introduction of new banknotes is a necessary step towards modernizing the country’s monetary system, others argue that it will only worsen the situation by exacerbating the scarcity of the naira, which is already in short supply. Many Nigerians are struggling to get their hands on cash, leading to long queues at banks and ATMs.

It is important to note that while protests are a fundamental right in any democracy, it is crucial that they are peaceful and nonviolent. Burning banks and other public properties is not the solution to the country’s economic problems. In fact, such actions only serve to create more problems and hardship for the people.

Nigerians should be encouraged to express their grievances through legal and peaceful means, such as engaging with their elected representatives and voting in the upcoming elections. It is also essential that the government takes swift action to address the economic challenges facing the country and provide sustainable solutions to the naira scarcity problem.

The naira scarcity remains a pressing issue that requires urgent attention from both the government and the people. While protests can be a catalyst for change, they should be conducted peacefully and with the aim of finding sustainable solutions. The government, on the other hand, must do everything within its power to address the root causes of the problem and provide economic relief to Nigerians.

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

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Naira

Nigeria Hits Historic High as Currency in Circulation Surges to N3.69 Trillion

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Nigeria’s currency in circulation surged to a historic high of N3.69 trillion, according to data released by the Central Bank of Nigeria (CBN).

This figure represents an increase of N43.07 billion or 1.18 percent from the total of N3.65 trillion reported in January 2024 and a 13.64 percent year-on-year rise from N3.25 trillion reported in February 2023.

Currency in circulation encompasses the physical cash, including paper notes and coins, actively used in transactions between consumers and businesses within the country.

The latest statistics indicate a considerable uptick in the availability of cash within the Nigerian economy.

The surge in currency supply comes amidst lingering concerns over a potential cash crunch following the monetary policy adjustments by the CBN, particularly the aggressive tightening stance of the Monetary Policy Committee (MPC).

Analysts attribute this spike to various factors, including the fear factor stemming from the cash crunch experienced in 2023 and lingering uncertainties surrounding the administration of physical currency.

Despite the surge in currency in circulation, Nigeria’s economic growth remains sluggish, with projections indicating growth rates of around 2.9 percent to 3.1 percent for 2024.

Also, inflation remains a significant concern, with the headline inflation rate climbing to 31.70 percent in February 2024 from 29.9 percent reported in January 2024, according to data from the National Bureau of Statistics (NBS).

The CBN’s proactive approach to monetary policy, including a historic increase in the monetary policy rate (MPR) to 24.75 percent, underscores the central bank’s commitment to addressing economic challenges and fostering stability amidst persistent pressures.

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Nigerian Naira Surges to N1,350 per Dollar in Parallel Market

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New Naira notes

The Nigerian Naira has appreciated to N1,350 per dollar in the parallel market, a significant gain from its previous rate of N1,430 per dollar just a day earlier.

Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,382.95 per dollar, indicating an upward trend across key forex segments.

Data from FMDQ revealed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on the previous day, representing a gain of N25.09 for the naira.

This surge in the naira’s value has widened the margin between the parallel market rate and NAFEM to N32.95 per dollar from N21.96 per dollar previously.

Analysts attribute this impressive surge to recent foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

These reforms, including the consolidation of exchange rate windows and liberalization of the FX market, have contributed to bolstering the naira’s strength against the dollar.

The CBN’s proactive measures aim to promote stability, transparency, and liquidity in the foreign exchange market, fostering confidence among investors and strengthening the national currency.

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Naira

Dollar to Naira Black Market Today, March 26th, 2024

As of March 26th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,430 NGN in the black market, also referred to as the parallel market or Aboki fx.

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As of March 26th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,430 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,450 and sell it at N1,440 on Monday, March 25th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,430
  • Selling Rate: N1,420

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