Naira

Hoarding, Counterfeiting Reasons CBN is Redesigning Naira Notes

CBN has disclosed that the move to redesign the naira notes was necessitated due to cases of hoarding, shortage of clean notes, and counterfeiting.

Published

2 years ago

October 27, 2022

Investors King

The Central Bank of Nigeria (CBN) has disclosed that the move to redesign the naira notes was necessitated due to cases of hoarding, shortage of clean notes, and counterfeiting.

The CBN governor Mr. Emefiele stated that the current banknotes were easy to counterfeit, noting that the CBN has recorded significantly higher rates of counterfeiting especially with the higher denominations, N500 and N1,000 banknotes.

He added that the country was facing a shortage of clean notes which had a negative effect on the perception of the CBN.

He also said that the hoarding of banknotes by members of the public had resulted in over 80 percent of the currency in circulation being outside the vaults of commercial banks.

The Naira notes that will be redesigned and reissued are that of the higher denominations which are N100, N200, N500, and N1,000, exempting the lower denominations.

The CBN Governor, Godwin Emefiele, who announced the CBN’s decision said, “In recent times currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.”

“As at the end of September 2022 available data at the CBN indicate that N2.7 trillion out of N3.23 trillion currency in circulation was outside the vaults of commercial banks across the country and supposedly held by members of the public.”

“Evidently, currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.23 trillion as of September 2022. I must say, that this is a worrisome trend that cannot continue to be allowed.”

The CBN has therefore urged all bank customers to begin to pay into their accounts the current naira notes to enable them to withdraw the newly redesigned note which will be in circulation starting from the 15th of December this year.

However, the CBN stated that the old notes will still be accepted, noting that it remains a valid legal tender that can be used for payment of goods and services, until its expiry date on the 31st of January 2023.

Meanwhile, the Economic and Financial Crimes Commission EFCC has commended the CBN move, stating that it was “a well-considered and timely response”.

Investors King understands that the commission has already disclosed its plan to move against currency hoarders who maybe forced to bring out their huge stash of cash into the banks.

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Naira

Dollar to Naira Black Market Exchange Rate Today 4th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Published

1 day ago

May 4, 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 4th, 2024 stood at 1 USD to ₦1,400.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 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: ₦1,400
Selling Rate: ₦1,390

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

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

3 days 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

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

3 days 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.