Naira

Naira Redesign: Anti Graft Agency, EFCC May Start Profiling Large Depositors For Money Laundering

EFCC has started profiling large depositors of naira notes as banks across the country witnessed increased deposits of cash ahead of the December deadline.

Published

1 year ago

November 14, 2022

Investors King

Nigeria’s anti-graft agencies including EFCC may start profiling large depositors of naira notes as banks across the country witnessed increased deposits of cash ahead of the December deadline.

It would be recalled that on the 26 of October 2022, the Central Bank of Nigeria (CBN) announced that the bank plans to redesign a portion of the naira notes to checkmate money laundering, counterfeiting, hoarding and terrorism.

Speaking at the headquarters of the apex bank, the CBN Governor, Godwin Emefiele noted that the central bank has finalised arrangements for the new currency to begin circulation from December 15, 2022, after it would have been launched by President Muhammadu Buhari.

The affected naira notes include N100, N200, N500 and N1000 notes.

Immediately after the announcement, Nigerians both financial experts and otherwise began to showcase their opinions.

While some welcomed the idea, stating that it could expose corrupt politicians and top civil servants who have stacked loads of Naira in their homes, others viewed it as an effort in futility.

As the deadline for people to deposit their old naira notes in exchange for new notes draws nearer, banks have started to witness huge deposits running into billions of naira.

Last week, the CBN disclosed that about N52 billion in cash has been deposited across the commercial banks.

Investors King expects this figure to increase exponentially in the following weeks as the apex bank claimed that N3.2 trillion is in circulation.

Meanwhile, sources have confirmed that the central bank will soon begin screening large depositors for money laundry and currency hoarding.

Already, the CBN has identified large depositors to include politicians, Bureau De Change Operators, traders, and real estate financiers among others.

It was also learnt that the anti-graft agencies including the EFCC have directed banks to keep records of depositors including institutions.

Meanwhile, several naira notes minted some years back even as far as 2008 are now back in circulation.

A number of those notes looking cleaner and better than recently minted notes have surfaced on social media.

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Naira

Black Market Dollar Rate Reaches ₦1,350 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 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

13 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.