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  1. Nairaexchange

    Naira Redesign: Lessons from India’s 2016 demonitisation policy

    In its latest move to curb naira inflation, the Central Bank of Nigeria (CBN) announced last week that it would redesign the N200, N500, and N1,000 notes and start circulating them from December 15, 2023. The CBN Governor, Godwin Emefiele, explained that the proposed redesign would not only...
  2. Nairaexchange

    Buying frenzy as naira hoarders drive exchange rate past N800/$1 at FX black market

    According to media reports, the exchange rate between the naira and the dollar fell to N800/$1 on Monday even as some outlets reported the exchange rate at N865/$1. Nairametrics cannot verify any of these rates however, sources at several bureaus de changes we spoke to suggest that rates range...
  3. Nairaexchange

    Access Bank informs customers about changes to Forex requests

    Access Bank has informed its customers about some important changes regarding the fulfilment of Forex requests. In an email sent out to customers and titled Important information on FX transactions, the bank explained that it implemented some rationing measures due to the increased scarcity...
  4. Nairaexchange

    IMF warns Nigeria of dollarisation risks amid naira crash, rising inflation

    As Nigeria battles with a crashing local currency and rising inflation, the International Monetary Fund (IMF) has cautioned that dollarisation is hard to revert. The IMF gave the warning in a recently released report titled: “Digital Money and Central Banks Balance Sheet”. In the report...
  5. Nairaexchange

    A compendium of CBN’s forex policies under Godwin Emefiele 2020-2022

    Since the first quarter of 2020, Nigeria has faced an exchange rate crisis triggered by the drop in oil prices. It started after two of the world’s largest oil producers, Saudi Arabia and Russia, disagreed on how to proceed concerning oil supply cuts, which triggered a price war that pushed oil...
  6. Nairaexchange

    Naira crashes to N820/$1 at the black market

    The naira crashed to a new record low on Wednesday, November 2nd, on the black market, closing at an average of N820/$1 from N800/$1 recorded in the previous trading session. It traded at N810/$1 earlier in the day. This information is according to black market operators who spoke to...
  7. Nairaexchange

    Nigeria’s used car import drops as dealers fault naira depreciation, clearing cost

    Nigerians imported foreign used cars worth N169.1 billion in the first half of 2022. This represents a 51.2% decline from the N346.29 billion recorded in the corresponding period of 2021 and a 37.7% decrease from the N271.2 billion spent in the second half of last year. Also, Nigerians imported...
  8. Nairaexchange

    Nigeria’s external reserves fall to lowest level in 2022

    Nigeria’s external reserves fell to $37.7 billion as of October 18, 2022, according to data from the Central Bank of Nigeria (CBN). This is the lowest level recorded this year. The country’s forex market is facing demand pressure at the black market where forex is trading unofficially, with...
  9. Nairaexchange

    Naira-dollar mismatch, lack of data hampering off-grid energy investments in Nigeria – WACEE

    Panellists at the ongoing West African Clean Energy & Environment (WACEE) Trade Fair & Conference 2022 have identified a lack of data and currency mismatch as the main reasons investors are reluctant to invest in Nigeria’s off-grid power sector. The panellists disclosed this on day two of the...
  10. Nairaexchange

    Naira falls to N755/$1 at the black market

    The exchange rate between the naira and the US dollar recorded a sharp fall on Friday morning, 21st October 2022, trading at a minimum of N755/$1 at the black market compared to N742/$1 recorded on Thursday. This is according to information from black market operators interviewed by...
  11. Nairaexchange

    What to do with the naira as inflation hit a 17-year high

    Let’s face it; Nigeria’s skyrocketing inflation and a few high-yielding investment options are already deterring some investors from investing in the continent’s largest frontier market. The risk that investors confront is ranked highly by this rise in the cost of goods and services. The...
  12. Nairaexchange

    Oil and gas gains help Nigeria’s stock market maintain bullish run in first 9 months of 2022

    In the first nine months of the year, the Oil and Gas Index helped the stock market of the NGX maintain a bullish run, gaining N4.15 trillion. The market capitalisation had closed at N26.451 trillion on September 30, 2022, having started the year at N22.297 trillion, a gain of N4.15 trillion or...
  13. Nairaexchange

    Confusion among black market traders as exchange rate goes haywire

    The persistent depreciation in the value of the Naira against the US dollar on the black market has further escalated the level of uncertainties among traders, as operators find it hard to determine what the actual exchange rate is. Exchange rate volatility in Nigeria’s black market where the...
  14. Nairaexchange

    Naira has declined by 33.7% since the CBN banned sale of dollars to BDCs

    The exchange rate between the naira and dollar at the black market has depreciated by about 33.7% and counting since the Central Bank of Nigeria (CBN) banned the sale of dollars to bureau de change (BDC) operators. When the CBN announced the ban on dollar sales to BDC operators in July 2021...
  15. Nairaexchange

    Challenges for an average Forex trader who wants to make money amidst volatility

    The past few weeks have sparked a level of FX activity that many traders have never experienced, at least not in developed markets. While the dollar is close to an all-time high, the crazy ride the sterling has been on has brought it to a historic low. Indeed, the focus is currently on...
  16. Nairaexchange

    eNaira records N8 billion worth of transactions in one year after launch

    The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said the eNaira recorded N8 billion worth of transactions in the one year since its launch. The apex bank governor disclosed this in Lagos at a conference to mark the first anniversary of the digital currency. Emefiele also mentioned...
  17. Nairaexchange

    CBN redesigns N200, N500, N1000 notes

    The Central Bank of Nigeria (CBN) said it will start circulating newly redesigned N200, N500, and N1000 naira notes from December 15, 2022. Governor Godwin Emefiele disclosed this on Wednesday afternoon during a special briefing. He said the naira notes were redesigned following approval by the...
  18. Nairaexchange

    What experts think of CBN’s plan to introduce redesigned naira notes

    Mixed reactions have trailed the Central Bank of Nigeria‘s plan to start circulating newly redesigned N200, N500 and N1000 notes come December 15, 2022. Governor Godwin Emefiele, who announced the plan, gave many reasons for the decision. Some of the reasons are to control inflation, discourage...
  19. Nairaexchange

    CBN’s move to redesign currency to bring sanity to Nigeria’s currency management -Bawa

    Abdulrasheed Bawa, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), said that the move by the Central Bank of Nigeria to redesign and reissue higher denominations of the Nigerian currency will bring sanity to the currency management situation in Nigeria. The EFCC...
  20. Nairaexchange

    EXPLAINED: Why CBN is changing naira notes and what it means for your money

    CBN’s Godwin Emefiele surprised Nigerians earlier today when he announced plans to introduce new designs of the N200, N500, and N1,000 notes by December 15; a mere 50 days from today. The policy move is advertised as a means of bringing currency from outside the banking system into the...
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