Currency Outside Banks Above N843bn – CBN   Due to the cash crunch which affected economic activities across the country, the Central Bank of Nigeria (CBN) has disclosed that the currency outside the bank vaults as at the end of February rose to N843.311 billion. This is...

The CBN Currency Plan: Deepen Distrust, Cause Disaffection, by Jibrin Ibrahim   THE CBN has decided, you can’t take more than 20k out of your own money from your own bank account in one day. In a country in which the majority of Nigerians have no bank...

CBN-Aboki FX Saga: Currency Play and Lessons from Billions TV Show, by Abdulhaleem Ishaq Ringim     While explaining the reason behind the Central Bank of Nigeria’s clampdown on the parallel market exchange rate aggregation and publication website, AbokiFx, the CBN Governor submitted that the CBN’s preliminary...

Naira Weakens To 4-Year Low As Dollar Sells For N502/$1   Nigeria’s currency weakened to a four-year low in the parallel market after the central bank’s efforts to coax banks to sell more dollars to customers failed to bridge the widening gap between the official and...

IMF-induced Policies Will Repress Nigeria’s Currency, Labour Warns     Submitting to the International Monetary Fund, IMF-induced policies would further distort and repress Nigeria’s currency, organised labour has warned. They argued that embracing the policies would lead the nation to a situation where a U.S. Dollar would exchange...

Naira Crashes To N470/$1 As Currency Uncertainty Worsens   The exchange rate at the parallel market fell to another new 3-year low closing at N470/$1 on Wednesday, July 15, 2020. However, on the officially recognized NAFEX market, the forex turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1. Parallel Market: At the black market where forex is traded...