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Banks Begin Partial Payment of Old N500, N1000 Notes

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Naira Dollar Exchange Rate - Investors King

Following the Supreme Court judgement, some commercial banks including Access Bank and GTB have started paying out old N500 and N1,000 notes to customers.

Bank customers in Abuja, Kano, Kwara and Abia States confirm the development. 

A staff of GTB, who spoke on condition of anonymity said “Yes, we paid out N500 and N1,000 to customers today (yesterday).”

Another source from GTB added that the bank received informal approval from the CBN before dispensing the old N500 and N1,000 notes to customers.

It would be recalled that on Friday, a seven-member panel of justices of the Supreme Court nullified the deadline set by the CBN for the old naira notes. The apex court ordered that the old notes of N500 and N1000 should remain legal tender till December 2023.

Ruling on a case brought before it by a number of state governors against the Federal Government, the apex court said the naira redesign policy of the Central Bank of Nigeria (CBN) contravened the 1999 Constitution.

The judges also came down hard on President Muhammadu Buhari for floating an earlier ex-parte order of the Supreme Court. 

Investors King recalled that the President in a broadcast ordered the CBN to make only the old N200 notes available as against the directive of the Supreme Court which ordered that all old notes be legal tender alongside the new notes. 

However, findings show that not all banks are complying with the Supreme Court directives. A number of banks that aren’t paying the old notes claim they are yet to receive a directive from the CBN. 

Similarly, a number of experts have faulted the Supreme Court judgement, noting that the apex bank is an independent body. 

Meanwhile, there are uncertainties as most traders still insist on new notes for transactions. Thereby, making the old note useless. 

Many traders stated that they await a press release from the CBN before they will accept the old notes. 

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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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Naira

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

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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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