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

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

2 days 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.