According to various online sources, as at the 26th of October 2022, $1 (One Dollar) equals N760 (Seven Hundred and Sixty Naira). However, the official CBN rate stands at $1 (One Dollar) equates to N435 (Four Hundred and Thirty Five Naira). In February of this year, the apex bank of the country declared a discontinuance… Read More CBN Stop Sale of Forex | Processing Ends 15th December 2022
For over 7 years Nigerians have experienced various policy update from the Central Bank of Nigeria (CBN). From the banning of forex sale in banks, restriction of travel allowance to a directive regarding an end to sale of forex for academic, travel and medical purposes. This list is not exhaustive. But it does paint in… Read More CBN: Jail Time for People Converting Naira to Dollar – A Political Statement not Policy
Since January 2022 till June 2022, the US Dollar has risen from €1 EUR = $1.1374 to €1 EUR = $1.0518. Considering that this is due to either a rise of the dollar or the drop in value of the Euro or both phenomenon, there may also be policies from the CBN which may have… Read More Buying Forex (Dollar, Euro, Pounds) from Central Bank of Nigeria (CBN)
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