Sunday, August 1

Tag: naira

News

One Dollar now going for 523 Naira at Black Market

The naira has slumped further to 523/$ at the black market after trading was closed at the Nigerian Stock Exchange on Wednesday, July 28. The slump comes a day after the Central Bank of Nigeria stopped the allocation of foreign exchange to Bureau de Change operators in the country. After the Monetary Policy Committee meeting on Tuesday, the Governor, CBN, Godwin Emefiele, had accused the BDCs of abusing the privilege given to them and sabotaging efforts to ensure naira stability in the country. He said, “The facts abound that BDCs have turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria and we will go after all of them.“Throughout this meeting of the MPC, we extensively debated this matter...
Naira crashes to 4-year low, the Weakest since 2017
News

Naira crashes to 4-year low, the Weakest since 2017

The Naira has crashed 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 street rates. Unauthorized dealers were offering the naira at 502 per dollar on Wednesday, June 16, from 500 last week, according to abokifx.com. That's the weakest since February 2017. The rate widens the spread between the official and the parallel market rate to 22% when compared with the spot rate of 411.13 Naira a Dollar as of Wednesday. Nigeria, Africa's biggest economy, has devalued its currency thrice since March last year as lower oil income, which accounts for about 90% of dollar earnings, put pressure on external reserves. Goldman Sachs Group Inc. forecasts the Nai...
Reno Omokri States How PDP Left Nigeria On May 29, 2015 As 1$ Approaches ₦500
Politics

Reno Omokri States How PDP Left Nigeria On May 29, 2015 As 1$ Approaches ₦500

  As the Naira approaches ₦500 to $1, let me remind Nigerians of how we left Nigeria on May 29, 2015: ‪- 50kg bag of rice was ₦8000‬ ‪- bag of cement was ₦800‬ ‪- Fuel was ₦87‬ per litre -Minimum wage was ₦18000 which was equivalent to $120 ‪- Electricity tariff was half the current rate ‬ -Unemployment rate was single digit ‪- $1 was ₦150 (₦199 in 2015)‬ ‪- Lagos-Abuja air fare was ₦10,000‬ -Brand new tear rubber Kia Cerato was ₦3.6 million ‪- A bottle of Coke was ₦60‬ ‪- A tin of Peak milk was ₦80‬ ‪- Banditry was nonexistent in the Northwest -Killer herdsmen were being arrested and tried -Boko Haram were being devastated, not rehabilitated, and elections held in every Local Government Area of Nigerians on Election Day in 2015. Don’t you miss Goodluck Jona...
Business

Naira-4-dollar Scheme Ends May 8, Banks Tell Customers

Deposit Money Banks have informed customers that the Central Bank of Nigeria’s ‘Naira-4-dollar scheme’ will end on May 8. This is as they continued to woo their customers to take advantage of the incentive introduced by the regulator, which took effect on March 8. Fidelity Bank, in a mail to its customers, said, “Did you know that all recipients of diaspora remittances through licensed International Money Transfer Operators will be paid N5 for every $1 received as remittance inflows? “The new initiative tagged ‘Naira-4-dollar scheme’ is part of the Central Bank of Nigeria’s efforts to incentivise senders and recipients of international money transfer. “This offer ends on Saturday May 08, 2021. So, hurry now and take advantage of the wonderful opportunity to get extra naira ...
CBN Governor, Godwin Emefiele Confirms Adjustment of Naira to N410/$1
News

CBN Governor, Godwin Emefiele Confirms Adjustment of Naira to N410/$1

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has confirmed that exchange rate of naira to dollar has been adjusted to N410/$1 at the official market. Addressing bankers at a summit on the economy in Lagos on Friday February 26, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. Emefiele also disclosed that the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He expressed hope of increased exports helping to boost dollar supply. He said; “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$."
FG To Sell Oil In Naira To Dangote Refinery
News

FG To Sell Oil In Naira To Dangote Refinery

THE Federal Government has concluded plans to sell crude oil to the $15 billion Dangote Refinery in Naira. This is part of measures adopted to strengthen the currency and by extension the nation’s economy. The governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, who visited, Saturday, to inspect the ongoing construction of the Dangote Refinery, Petrochemicals Complex Fertiliser Plant, and Subsea Gas Pipeline project at Ibeju Lekki, Lagos, said: “We have taken the decision to sell the crude to the Refinery in Naira because we want to impact the economy. “We also hope that by the time the Refinery start to refine, and sell its petroleum products in Naira, the local currency will be stronger, and by extension the nation’s economy, which is still oil-driven.” Accordin...
Prophet Onyeze Jesus Apologizes For Spraying Naira On Naked Clients In River
Religion

Prophet Onyeze Jesus Apologizes For Spraying Naira On Naked Clients In River

Anambra based prophet Onyii Nwama Okocha aka Onyeze Jesus has apologize to Nigerians for abusing the naira currency and sharing people's nude videos online. The prophet had received backlash for abusing the naira note and also posting nude videos of his clients who came to seek spiritual power. Report had it that Anambra state government had frown at his activities. But on this video, he has come out to apologise https://youtu.be/s-QrsNWUVJU
Naira Slumps Further, Exchanges For 473/$
Business

Naira Slumps Further, Exchanges For 473/$

The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday. According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market. It had earlier gained in recent times after it closed the year 2020 at 467/$. At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. It reached a low of 401 at the I&E window at the close of 2020. The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website. The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances. The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank...
Labour backs Emefiele on CBN’s Naira valuation
Business

Labour backs Emefiele on CBN’s Naira valuation

Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira. The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currencies. Speaking at the one-day interactive session with stakeholders on the five-year policy trust of the apex bank in Kaduna, weekend, Vice President of Industriall Global Union, Comrade Issa Aremu, hailed the CBN’s Monetary Policy Committee ( MPC) for resisting the pressures to b...
Naira Bounces Back, Appreciates To N470/$ In Parallel Market
Business

Naira Bounces Back, Appreciates To N470/$ In Parallel Market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020. But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira. As result the naira gained N10 against the dollar yesterday (Tuesday December 1st) as the parallel market exchange rate dropped to N490 per dollar from N500 per dolla...
I Almost Cried When I Changed Naira To Dollars Today – Davido
Celebs

I Almost Cried When I Changed Naira To Dollars Today – Davido

Nigerian singer, David Adeleke, more popularly called Davido, has expressed his frustration with the rising dollar rate in Nigeria. The Fem singer took to his Twitter account to lament, saying that he almost cried when he changed dollars to naira. Davido, who is known for wealth and influence on social media, once said he had made a lot of money and he was tired of making money in a video. However, in his tweet today, the singer stated that he almost cried when he changed his dollars to naira at the rate of N500 to a dollar. The foreign exchange crisis in the country has generated concerns in recent weeks, with the pressure on the naira at the parallel market, despite the assurances by the Central Bank of Nigeria. The parallel market had responded to the fresh devaluation ...
Naira Rains At Hanan Buhari’s Wedding Party
Events

Naira Rains At Hanan Buhari’s Wedding Party

President, Muhammadu buhari and the First Lady, Aisha buhari, on Friday gave out the hand of their last daughter, hanan, in marriage to Mohammed Turad Sha’aban. The wedding which took place inside the Presidential Villa, Abuja, under strict COVID-19 protocols was graced by the timbers and calibers in Nigerian politics and others including Nneoma Nkechi Okorocha, former Imo First lady and wife of Senator Rochas Okorocha. Below is the video showing moment money rained rained at Hanan Buhari’s Wedding
Most Valuable Currencies In Africa (see Nigeria’s Position)
Business

Most Valuable Currencies In Africa (see Nigeria’s Position)

A country’s currency tells a lot about its economy and living standards of the people. There is a common misconception that the biggest and most popular nations often have the best currencies; this is false – especially when Africa is concerned. How do you think the big countries rank concerning their currency in Africa today? Most people believe that countries like South Africa and Nigeria have the most valuable currencies in the African continent. But in reality, it is not true. Many other currencies are more valuable, especially from countries, you would least expect. The South African Rand comes 8th on the list, while the Nigeria which is popularly known as the so called " gaint of Africa " didn't even make it to the top 10. Many critics have argued that the dependence of ...
Gernot Rohr Reacts To Amaju Pinnick’s New Contract Proposal Of Residing In Nigeria And Getting Paid In Naira
Sport

Gernot Rohr Reacts To Amaju Pinnick’s New Contract Proposal Of Residing In Nigeria And Getting Paid In Naira

Nigerian Senior Men’s Football team manager, Gernot Rohr, has replied Nigerian Football Federation boss, Amaju Pinnick after the NFF supremo went on live TV to discuss Rohr’s new contract proposal and conditions. Rohr’s contract with the NFF ends in June 2020 but Pinnick this week stated that he’s ready to offer Rohr a new contract only if he accepts three new conditions. The first being that Rohr must reside in Nigeria, must watch home league matches with a view to selecting home based players and must agree to be paid in Naira rather than Dollars. The German football tactician has now aimed a thinly-veiled dig at Pinnick for going on air to discuss the conditions attached to his new proposed contract. The former Bayern Munich defender claimed that he spends more time in Nige...
Don Jazzy sends 100,000 Naira to a follower who insulted him online
Celebs

Don Jazzy sends 100,000 Naira to a follower who insulted him online

Don Jazzy chose to take the high road by giving 100,000 Naira to a follower who insulted him online. It began with the record label boss tweeting: "Baba GOD abeg where make I stand so that when manna fall, e go fall inside my basin. A follower responded telling him to keep quiet. Don Jazzy then asked the follower what the matter is, writing: "What's the matter? Are you hungry? You can talk to me. I can help if u don't mind. What's wrong with you?" The follower admitted that he's hungry and has nothing to eat due to the coronavirus lockdown and Don Jazzy sent 100, 000 Naira to his account. Other followers responded, begging for money too and he sent to more people.            
Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens
Business

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens

Following the uncertainty in the foreign exchange market, the Naira depreciated at the parallel market on Friday evening. Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs). With the current rate of N410, the naira has depreciated by N20 from N390 per dollar traded on Wednesday. Recall that earlier this afternoon, Nairametrics had reported that the dollar sold for N395 in the parallel market. The dramatic change in price attests to the volatility in the market. The raging coronavirus and the crash in oil prices are having a huge e...
CBN devalues Naira, restores uniform exchange rate of N380/USD
News

CBN devalues Naira, restores uniform exchange rate of N380/USD

The Central Bank of Nigeria has made an alteration in the exchange rate of dollar to Naira as confirmed in a communique to all banks and Bureau De Change on Friday, March 20. The apex bank on Friday sold dollars to deposit money banks at the rate of N380 to one dollar signaling the official return of a single exchange rate regime in the country’s foreign exchange market. The CBN directed banks and Bureau De Change to ensure that the end-user sales of the Dollar should not be more than N380/1USD. The communique was on the disbursement of the proceeds of the International Money Transfer Operator (IMTO). CBN's communique which backed the highest official exchange rate between the dollar and naira in over two years, came barely a week after the apex bank denied plan to devalue the N...
It Is A Criminal Act To Deface Naira – CBN Warns Nigerians
News

It Is A Criminal Act To Deface Naira – CBN Warns Nigerians

The Central Bank of Nigeria has warned Nigerians to restrain from defacing the Naira, describing such act as criminal and an affront on national pride. According to the apex bank, the Naira, like the National flag remains a symbol of Nigeria’s nationhood and sovereignty, hence the need to respect and preserve it. The bank disclosed this on Thursday in Osogbo, the Osun State capital during a programme tagged ” CBN Fair” with the theme : Promoting Financial and Economic Stability ” which was specifically organised to sanitise the residents on some of CBN policies and programmes. Speaking at the event, the Director, Corporate Communications Department of the bank, Mr Isaac Okorafor, who was represented by the Assistant Director in the department, Mr Samuel Okogbue said spraying o...
CBN Signals End To Official Rate Regime For Naira
News

CBN Signals End To Official Rate Regime For Naira

The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated. The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products. If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg. Yesterday, the apex bank, as opposed to the usual publication of the fixed exchange rate, opted to publish that “the rate will be market-determined.” According to a report, the President of Shippers...
Dbanj’s Missing Gold Chain Found
Celebs

Dbanj’s Missing Gold Chain Found

Popular Nigerian musician and koko master, Oladapo Oyebanji, a.k.a. Dbanj’s gold neck chain worth millions of naira, Sunday, went missing while he was on a flight from Port Harcourt to Lagos. This was later reportedly found by the management of the airline the boarded and returned to him. The artist made this revelation via his twitter handle.
Nigerians Got Poorer In Buhari’s First Term — The Economist
Politics

Nigerians Got Poorer In Buhari’s First Term — The Economist

Long lines of lorries stretch like tentacles from Apapa port, the largest in Nigeria. Drivers doze in their cabs, feet flung over dashboards; some sling hammocks beneath the chassis. Musa Ibrahim, an ebullient trader, says he has been queuing for two days. He gestures at empty buildings. “Most of the companies you see here they done close,” he sighs, writes The Economist. The Nigerian economy is stuck like a stranded truck. Average incomes have been falling for four years; the IMF thinks they will not rise for at least another six. The latest figures put unemployment at 23%, after growing for 15 consecutive quarters. Inflation is 11%. Some 94 million people live on less than $1.90 a day, more than in any other country, and the number is swelling. By 2030 a quarter of very poor peopl...
Priscilla Ekwere Eleje: 5 Things About 1st Nigerian Woman With Naira Signature
Uncategorized

Priscilla Ekwere Eleje: 5 Things About 1st Nigerian Woman With Naira Signature

Ever since news broke that a woman's signature has been featured on the Nigerian currency, a lot of people have been asking who is Priscilla Ekwere Eleje? She is the first female Director of currency at the Central Bank of Nigeria. And for the very first time in Nigeria’s 59-year history, the signature of a woman, Priscilla Ekwere, goes on the naira, for being the Director of currency. So who is Priscilla Ekwere Eleje? 1. She is 1st Nigerian woman to have her signature on the Nigerian currency. 2. She is the first female Director of currency in the history of the Central Bank of Nigeria. 3. She is a psychology graduate of the University of Jos, Nigeria. 4. Mrs. Eleje is an alumna of the prestigious Hubert H. Humphrey Fellowship programme in Banking and Management at B...
Meet Priscilla Ekwerre, First Female To Have Her Signature On The Naira Note
News

Meet Priscilla Ekwerre, First Female To Have Her Signature On The Naira Note

For the very first time in Nigeria’s 59-year history, the signature of a woman, Priscilla Ekwere Eleje, goes on the naira. Eleje, who has been acting director of currency and operations at the Central Bank of Nigeria (CBN), has been confirmed substantive director. She is the first female director of currency in the history of the bank, and her signature has been appended on the naira — breaking another glass ceiling. Ladi Kwali, Nigeria’s foremost potter, is the only woman on the naira, taking a spot at the back of the N20 note. Insiders at CBN told TheCable that the Godwin Emefiele, the governor of the bank, has been working to ensure more women come to the table.
Naira Climbs To N360.55/$ As CBN Injects $210 Million
News

Naira Climbs To N360.55/$ As CBN Injects $210 Million

The naira yesterday appreciated to N360.55 per dollar in the Investors and Exporters (I&E) window even as the Central Bank of Nigeria (CBN) injected N210 million into the inter-bank foreign exchange market. Figures obtained from the CBN yesterday showed that authorized dealers in the wholesale segment of the market received $100 million, while the Small and Medium Enterprises (SMEs) segment and customers requiring foreign exchange for invisibles were allocated $55 million each. A statement by the apex bank’s spokesman, Mr. Isaac Okorafor reiterated the CBN’s commitment to continue to boost interbank foreign exchange market to ensure liquidity and stability in the market. Data from FMDQ showed that the indicative exchange rate for the I&E window dropped to N360.55 per doll...
Nigeria’s External Reserves Hit $44bn First Time In 2019
News

Nigeria’s External Reserves Hit $44bn First Time In 2019

For the first time in 2019, the external reserves of Africa’s largest economy, Nigeria, reached $44 billion on Monday, March 25, 2019. Data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) showed that the amount grew to the present level from $43.7 billion on Friday, March 22, 2019, representing 0.69 percent increase. Business Post reports further that the last time the foreign reserves stayed in the $44 billion region was on October 2, 2018. From October 3, 2018, the reserves started declining gradually to even $41 billion at some point in the year. The CBN Governor, Mr Godwin Emefiele, who leaves office in June 2019, has managed the nation’s reserves effectively. He has also regularly used part of the reserves to keep the local currency, ...
One Dollar Is Not N184 As Google Suggests
News

One Dollar Is Not N184 As Google Suggests

Google Currency is currently showing that one dollar is going for N184, but this is just a glitch in its software, TheCable can report. The Central Bank of Nigeria sold the greenback to bureau de change (BDC) operators at N357 per dollar on Friday. Musa Ibrahim, a BDC operator, who spoke to TheCable from Lagos Island, said he bought $20,000 from the CBN at 357 per dollar. “We collected from CBN today at the rate of N357, and each BDC operator is entitled to $20, 000,” he said. Two members of staff at Google, who spoke off the record, confirmed to TheCable that this was just a bug, that is currently being fixed by the search giant. According to Bloomberg currency rate, the dollar is currently trading at N361.8, with the local currency gaining N1.75 against the greenback. ...
I’m Not an Ordinary Instagram Model, I make Millions – Princess Shyngle
Celebs

I’m Not an Ordinary Instagram Model, I make Millions – Princess Shyngle

Actress Princess Shyngle has revealed that she is not an ordinary Instagram model because she now makes millions of Naira from movies. The Nollywood actress of Gambian decent stated this in an Instagram post where also slammed critics of her lifestyle. In the post, Princess Shyngle revealed that a movie she wrote, produced and acted in has been bought by C. According to her, the new feat attained is enough to make people stop underrating her. She shared: “What didn’t they say about Cardi, oh she’s too ratc she’s a hoe, she’s a cheap stripper, she’s always na she’s not talented ? but look at her today apart fro being one of the best rapper in the world right now she’s a freaking brand ambassador for Pepsi, a glo brand ?.. if this doesn’t inspire me then I don’t kno what else will...
Lagos Rats Are Demonic’ – Man Cries Out After Rodents Eat Up His Stashed Naira Notes
News

Lagos Rats Are Demonic’ – Man Cries Out After Rodents Eat Up His Stashed Naira Notes

A Nigerian man is crying out on Twitter after his stashed naira notes got destroyed by rats.   In his words, 'breaking news! I interrupt your twittering to bring to your notice that this December rats are back!!! WTF na Somebody can't stash money in someone's house again. Lagos Rats are demonic What would you do, If this happens to you? I don't know what to do right now'.
Naira Falls Further, Now N368 To One Dollar
News

Naira Falls Further, Now N368 To One Dollar

The Naira, on Thursday, depreciated at the parallel market, exchanging at N368 to the dollar. Naira-Dollar The News Agency of Nigeria(NAN) reports that the Naira lost N4, compared to N364 traded on Wednesday, while the Pound Sterling and the Euro closed at N470 and N410 respectively. At the Bureau De Change(BDC) window, the Naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N470 and N410, respectively. Investors bought the dollar at N364.08 at the investors’ window, trading a total of 516.57 million dollars . Traders said that demand for dollars for import needs were exerting undue pressures on the Naira. NAN reports that many importers at the end of the year imported a lot of fairly used items into the country. (NAN)
Naira Stable At N364 In Parallel Market
News

Naira Stable At N364 In Parallel Market

The Naira, yesterday, was stable at N364 per dollar in the parallel market. Meanwhile, the naira yesterday appreciated by seven kobo in the  Investors and Exporters (I&E) window due to a 189 percent increase in the volume of dollars traded. Data from FMDQ showed that the indicative exchange rate for the window dropped to N364.15 per dollar yesterday from N364.22 per dollar on Tuesday, translating to seven kobo appreciation of the naira. The volume of dollars (turnover) traded yesterday in the window rose by 189 percent to $390.15million from $134.90 million on Tuesday.
Actress Omotola Also Speaks On Ghana’s Obvious Advancement
Celebs

Actress Omotola Also Speaks On Ghana’s Obvious Advancement

After 2baba and Teni speaks about the Ghanaian international airport, Nollywood veteran actress Omotola Jalade-Ekehinde is the latest to add her bits. The star took to her page to write about how the Ghana Cedis is now more valuable than the Nigerian Naira and how her phones was returned to her when she forgot it. ‘@realomosexy Okay... So Economists , come and analyze oh... this Amongst other things was quite alarming on my trip to Ghana. Hmm... I changed N10,000 (Ten thousand Naira) and it was only worth ..... C120 ( One hundred and twenty cedis) Not C1,200 and certainly not 12,000 cedis but a mere 120 cedis!!! 1 dollar in ghana is 4.8 cedis ! #Ghanamustgo and they have Gone, are they moving faster than us? I don’t want to talk about the airport , Tubaba has already talked ab...
Naira Weakens At Forex Market As Foreign Reserves Drop To $43b
News

Naira Weakens At Forex Market As Foreign Reserves Drop To $43b

The local currency put up a weak performance at the foreign exchange (forex) market last week amid declining external reserves that fell further by 1.30 percent to $43.35 billion as at Thursday, October 11, 2018. The loss recorded by the Naira was almost across all segments of the forex market. Specifically, the Naira/Dollar rate depreciated at the Investors & Exporters (I&E) forex segment by 0.08 percent to close at N364.12/$. Also, the local currency lost 0.33 percent week-on-week (w-o-w) at the interbank foreign exchange market to quote at N362.52/$ despite the weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the market via the Secondary Market Intervention Sales (SMIS). A breakdown of the intervention showed that $100 million was alloc...
Naira Gains As Politicians Pump ‘Election Dollars’ Into Economy
News

Naira Gains As Politicians Pump ‘Election Dollars’ Into Economy

The naira has been firming up in the last few days as politicians pumped stockpiled dollars into the economy for campaigns, The Nation has learnt. The naira, which exchanging at N361 to dollar early last week, firmed at N357 in the parallel market at the weekend, as politicians flooded the market with the greenback. Major political parties have been conducting their governorship primaries. Speaking on the development, President, Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said “several customers were seen at the weekend, flooding the market with dollars possibly for primary elections and screening across party lines”. He said the Bureau de Change (BDC) operators were taking advantage of the development to earn commissions from naira exch...
How Obafemi Awolowo Coined The Currency Name, “Naira” In 1973
News

How Obafemi Awolowo Coined The Currency Name, “Naira” In 1973

How the term “Naira” became Nigeria’s official currency – The term Naira was coined by Chief Obafemi Awolowo when he was the Federal Commissioner for Finance between 1967 and 1971. Naira is the official currency of Nigeria. We use Naira every day to do almost everything but a lot of people don’t seem to know much about it. If you have ever wondered how this term became the system of money that became generally accepted in Nigeria and when we started using it, then this piece is written to tell you something about the currency you spend every day. On Monday, January 1, 1973, the Federal Government of Nigeria introduced a new money system. Before then, the official currency was the Nigerian Pounds which was introduced in 1907 while the minor unit of the currency was Shillings...
Dollar Fraudsters Arrested In Lagos
Crime

Dollar Fraudsters Arrested In Lagos

George Osagie, 51 and Makinde Kudus, 28, have been arrested by the Lagos State police after duping many people of millions of Naira with fake dollars. The suspects who confessed that they were trained as fraudsters, revealed that once they are able to stir the greed in any person, such a person becomes an easy prey. They were recently arrested at the popular Nglasia Hotel, Ilasa, Lagos. The Lagos State Commissioner of Police, Imohimi Edgal, said that during interrogation, they confessed that it was their means of livelihood and they had duped many people because of their greed and foolishness. He said that on further investigation, the police discovered that the gang had duped one Victoria Awoniyi of the sum of N5m, Taiwo Kayode, N300,000, Adebisi Adebayo, N500,000 and many other victim...
Naira Appreciates Against Dollar At Parallel Market
News

Naira Appreciates Against Dollar At Parallel Market

The Naira on Wednesday gained marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria  reports. The Nigerian currency gained 50 kobo to close at N358, stronger than N358.5 traded on Tuesday, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively. At the Bureau De Change window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively. The naira, however, appreciated at the investors’ window, closing at N361.45, stronger than N361.68 traded on Tuesday, while it was sold at N305.90 at the Central Bank of Nigeria official window. Meanwhile, Mr Godwin Emefiele, CBN Governor, said that Nigeria performed very well among emerging markets in Africa. Emefiele in an inte...
Naira Appreciates To N358.5/$
News

Naira Appreciates To N358.5/$

The Naira, yesterday, appreciated by 70 kobos to N358 per dollar in the parallel market. According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N358 per dollar from N358.7 per dollar on Tuesday, indicating 70 kobo appreciation of the naira. Similarly, the naira appreciated by one kobo to N361.69 per dollar in the Investors and Exporters (I&E) window yesterday. Data from FMDQ showed that the indicative exchange rate for the window dropped to N361.69 per dollar yesterday from N361.7 per dollar on Tuesday, indicating one kobo appreciation of the naira.
Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates
News

Naira Appreciates Against Dollar At Parallel Market…Here Are Latest Foreign Exchange Rates

Details of the parallel market in Lagos after the close of market on Wednesday revealed how the nation's currency appreciated marginally against the dollar. The Naira on Wednesday appreciated marginally against the dollar at the parallel market in Lagos, exchanging at N358.50 to the dollar. According to the News Agency of Nigeria (NAN), the nation's currency was 10 kobos stronger than N358.60 to the dollar traded on Tuesday, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively. At the Bureau De Change (BDC) window, the Naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively. Trading at the investors’ window saw the Naira close at N361.87 with a daily turnover of 168.74 million dollars, while th...
Faces Of The Senators Who First Moved For President Buhari’s Impeachment
News

Faces Of The Senators Who First Moved For President Buhari’s Impeachment

The Senate, yesterday, April 26, 2018, failed to initiate the impeachment process of Nigeria's President, Muhammadu Buhari following the 'unapproved' expenditure of N151, 394, 494, 335. 00 (151 Billion Naira) on the purchase of a Super Tucano Fighter Jet from the US. It must be recalled that the call for President Buhari's Impeachment initially started at the House of Representatives last week over the same issue. It was spearheaded by Honorable Chinda Ogundu, A Rivers PDP member representing Obio/Akpor federal constituency. The call for invoking section 18 of the 1999 constitution (amended) at the Senate Chambers was initiated by Senator Matthew Urhoghide, Lawmaker representing Edo South and was seconded by Senator Chukwukazi Utazi, representing Enugu North. Senator Matthew Urhoghide ...
Photos Of Multi-Billion Naira Ultra-Modern Deeper Life Church Auditorium Just Completed In Lagos
News

Photos Of Multi-Billion Naira Ultra-Modern Deeper Life Church Auditorium Just Completed In Lagos

The new Deeper Life multi-billion naira ultra-modern church auditorium which reportedly gulped about N5 billion has been commissioned. The 30,000 capacity church located in Gbagada area of Lagos state was inaugurated on Tuesday by the General Superintendent, Deeper Christian Life Ministry, Pastor William Kumuyi alongside Nigeria’s Vice President, Prof. Yemi Osinbajo. Over 20,000 worshippers thronged the massive edifice meant to accommodate 30,000 worshippers at a single sitting to witness the ceremony. At the event were the Governor of Lagos State, Akinwunmi Ambode, who was represented by the Commissioner for Women Affairs and Poverty Alleviation, WAPA, Dr.  Lola Akande; wife of the Ekiti State Governor, Feyisetan Fayose; wife of the National leader of the All Progressives Congress, APC...
Naira Depreciates Against Major Currencies… See Latest Exchange Rate
News

Naira Depreciates Against Major Currencies… See Latest Exchange Rate

The Nigerian naira has continued to record a slope against major currencies at the exchange rate market on Thursday. The naira on Friday sustained its depreciation against the dollar at the investor’s window, the News Agency of Nigeria reports. The Nigerian currency shed 11 kobo to exchange at N360.42, weaker than N360.31 traded on Thursday. At the parallel market, the Naira exchanged at N362 to a dollar, while the Pound Sterling and the Euro closed at N515 and N445. Trading at the Bureau De Change, BDC segment saw the Naira closed at N362 to a dollar, while the Pound Sterling and the Euro closed at N515 and N445. The Naira exchanged at N305.6 to the dollar at the CBN window, while the Pound Sterling and the Euro posted N435.14 and N378.30 on Thursday. Traders said in spi...
Payporte Staff Not Paid Salary In Months – Pension And Tax Not Remitted In Years
News

Payporte Staff Not Paid Salary In Months – Pension And Tax Not Remitted In Years

Some months ago, January to be precise, a certain Twitter account, made claims about PayPorte, one of the most popular e-Commerce Companies in Nigeria owing months of salaries. Many felt this was a rumour, because there was no identity to the person and the account, but we are here to tell you it was no rumour. It was the truth. We are the Ex PayPorte Staff and we are seeking justice. Real people who will reveal ourselves in due time. We are a group of former employees who have had enough! We hereby bring to the notice of the Labour union, FIRS, PENCOM, Media and general public the injustice and inhumane treatment going on at PAYPORTE GLOBAL SYSYEMS, owned by Eyo Bassey Francis official sponsors of the Big Brother Naija show. For months we have been working without pay! Requests for sal...
“Everyday, The Aim Is To Hustle The Other Fellow’s Naira”- Aycomedian Defends Big Brother Naija
Celebs

“Everyday, The Aim Is To Hustle The Other Fellow’s Naira”- Aycomedian Defends Big Brother Naija

A Twitter user identified as Bhadmus Hakeem, in a tweet, revealed how much Big Brother reality show makes from its voting platform. According to the user, the reality show is ‘ripping off’ Nigerians. In his response to his tweet, AY believes the user is just hating on the reality show. AY wrote; lol alot of people getting pained at another man’s hustle. Same people who go to pay 1500 plus at a cinema to watch movies saying bbnaija is a rip-off, calculating their earnings life itself ain’t a rip-off. Everyday the aim is to hustle the other fellow’s naira. Hush puppies.

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