Naira

CBN’s Reversal on Crypto Transactions Sparks Optimism Among Industry Experts

Published

4 months ago

December 24, 2023

The Central Bank of Nigeria (CBN) has reversed its stance on cryptocurrency transactions, a decision that has ignited optimism and enthusiasm among industry experts.

The banking regulator, in a circular dated December 22, 2023, and signed by the Director of the Financial Policy and Regulation Department, Haruna Mustafa, rescinded its earlier directive instructing banks to avoid dealings with entities involved in cryptocurrency transactions.

The circular, titled ‘Circular to all banks and other Financial Institutions guidelines on operations of bank accounts for Virtual Assets Service Providers,’ elucidates the CBN’s shift in perspective, citing the evolving global trends in digital currencies.

This marks a departure from the CBN’s previous position in February 2021, where it had imposed restrictions on banks and financial institutions, citing concerns related to money laundering, terrorism financing risks, and the absence of regulatory measures for consumer protection.

The regulatory landscape has undergone significant changes, with the Securities and Exchange Commission (SEC) issuing rules in May 2022 to provide a regulatory framework for the operations of Virtual Assets Service Providers (VASPs) in Nigeria.

The CBN’s latest guideline now supersedes its previous directives, emphasizing the need for financial institutions to establish banking relationships with VASPs in Nigeria.

While the new guideline permits such relationships, it maintains the prohibition on banks and financial institutions from holding, trading, or transacting in virtual currencies on their own account.

This nuanced approach is seen as a positive step by industry insiders.

Chimezie Chuta, the Founder and Coordinator of Blockchain Nigeria User Group, welcomed the regulatory development, expressing optimism about its potential benefits.

He highlighted the newfound ability for the government to tax cryptocurrency transactions, signaling a positive economic impact.

Chuta emphasized the importance of regulation, enabling policymakers and regulators to take pride in steering the industry in the right direction.

Senator Ihenyen, Lead Partner and Head of Blockchain and Virtual Assets Practice at Infusion Lawyers, commended the regulatory shift, noting that by regulating virtual assets instead of resisting them, regulators can ensure the safety and soundness of the financial system.

Ihenyen highlighted the need for collaborative efforts among regulators to protect consumers and investors.

Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprises, stressed the importance of an adequate regulatory framework to address money laundering concerns.

The industry now anticipates a more transparent and regulated crypto environment, offering potential economic benefits and fostering security within the financial system.

The CBN’s decision is seen as a strategic move in acknowledging the prevalence of digital assets and aligning Nigeria with global developments in the cryptocurrency space.

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Dollar to Naira Black Market Exchange Rate Today 22nd December 2023

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Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

7 hours ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

17 hours ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 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 N1,310 and sell it at N1,300 on Monday, April 29th, 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.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,350
Selling Rate: N1,340

Naira

Dollar to Naira Black Market Today, April 30th, 2024

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

3 days ago

April 30, 2024

Samed Olukoya

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

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.