Naira

Citizens, Banks Await CBN’s Directive on Old Naira Notes Acceptance Despite Supreme Court Ruling

Published

1 year ago

March 6, 2023

Despite the Supreme Court ruling extending the use of the old naira notes as legal tender till December 31, 2023, Nigerians and commercial banks have insisted on receiving approval from the Central Bank of Nigeria, CBN.

Investors King reports that banks are unwilling to accept the old naira notes which in turn made traders and service providers reject the notes.

Meanwhile, bank customers, financial analysts and business owners have demanded the recirculation and use of the old naira notes as directed by the Supreme Court.

Bank officials have noted that they will comply with the apex court ruling when they get CBN’s directive to that effect.

“Banks would obey what CBN says, not the Supreme Court. Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator,” an official said.

He further explained that the CBN reports to the President who then issues directives on matters.

Another official from Keystone Bank who does not want his name mentioned stated that no commercial Bank can do anything contrary to CBN directive, adding that the old naira notes are not available in the bank.

“We can’t do anything contrary to CBN. They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.

“We don’t have the old notes and we are not answerable to the Supreme Court. The CBN must send a circular before we can implement any directive.”

In conversations with financial analysts and businessmen, the CBN was enjoined to comply with the supreme court judgement to reduce inflationary pressure and revive economic activities which was brought low by cash scarcity.

The Chief Executive Officer, Wyoming Capital and Partners, Tajudeen Olayinka, said the CBN, though introduced a good policy but with the process and inadequate knowledge, it crumbled.

“CBN got the whole thing wrong by introducing a policy without good knowledge of policy/system dynamics, and it is sad that it started and ended in ignominy,” he said.

On his part, the President, the Association of Capital Market Academic of Nigeria, ACMAN, Prof Uche Uwaleke called for immediate adoption of the supreme court ruling to reduce the difficulties currently faced by the citizens.

“The time frame till Dec 31, 2023 provides an opportunity for the CBN to re-assess the policy and improve on its implementation without causing distortions to the economy,” he added.

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Naira

CBN Sells Fresh Dollar to BDCs at N1,021/$

Published

11 hours ago

April 23, 2024

Samed Olukoya

The Central Bank of Nigeria (CBN) has once again initiated direct sales of dollars to licensed Bureau De Change (BDC) operators across the country.

The latest circular from the apex bank announces the sale of $10,000 to each BDC at a rate of N1,021 per dollar.

This is the second round of such sales this month and the fourth in the current year.

The directive mandates BDCs to sell the allocated dollars to eligible end-users at a spread not exceeding 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

Addressing concerns about adherence to guidelines, the CBN said it is important for BDC operators to work within the prescribed framework.

The intervention targets retail-end transactions, including travel allowances, tuition fees, and medical payments, among others.

BDCs are instructed to commence payment of the Naira deposit to designated CBN accounts and submit necessary documentation for FX disbursement at respective CBN branches.

This latest initiative follows previous interventions by the CBN, including the sale of $10,000 to BDCs earlier this month at N1,101 per dollar. Such measures aim to shore up the Naira’s value and ensure stability in the forex market amid economic uncertainties.

The CBN’s sustained efforts to provide adequate forex liquidity underscore its commitment to safeguarding the country’s currency and facilitating seamless foreign exchange transactions for businesses and individuals alike.

Naira

Dollar to Naira Black Market Today, April 23rd, 2024

Published

19 hours ago

April 23, 2024

Samed Olukoya

As of April 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,250 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 N1,290 and sell it at N1,280 on Monday, April 22nd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved 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: N1,250
Selling Rate: N1,240

Naira

Dollar to Naira Black Market Today, April 22nd, 2024

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 22, 2024

Samed Olukoya

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 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 N1,100 and sell it at N1,090 on Friday, April 19th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined 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.