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naira

The Unholy Union Between the Naira and Devaluation

By Fawaz AyobamiPosted on Posted in EconomyTagged , , , , , , , , 4 Comments on The Unholy Union Between the Naira and Devaluation

In 2020, the Naira lost 25% and 27% of its value at the NAFEX and parallel exchanges, respectively. This quickly disrupted my plans, as I had planned to upskill and purchase some courses priced in dollars at the onset of the year. My disappointment prompted me to visit the CBN’s website in search of its policy stance per the Naira. The website says the apex bank’s exchange rate policy is managed floating – a market-friendly term adopted by developing countries who operate some form of pegged regime. I murmured, why did the Naira not appreciate, and why is it always under severe downward pressure?

Towards a Unified Foreign Exchange Rate System in Nigeria

By Sheriffdeen AdeotiPosted on Posted in EconomyTagged , , , , , , No Comments on Towards a Unified Foreign Exchange Rate System in Nigeria

In a bid to increase access to Forex, the CBN created the I&E FX (Investors and Exporters Forex Window) in 2017 for importers in order to ease the pressure faced by the businessmen in the foreign exchange market. However, there still have been disparities among the CBN official rate, I&E rate (also known as NAFEX) and the parallel market rate.

Central Banks’ Digital Currencies: To Cherish or Not?

By Adebisi SamuelPosted on Posted in Africa & World EconomyTagged , , , , , , No Comments on Central Banks’ Digital Currencies: To Cherish or Not?

Tech companies have done a lot to make cashless payments mainstream, and while the argument that the central bank should officially approve the adoption of digital currencies or regulate them is ongoing, the idea of central banks issuing fiat currencies is coming to the fore. The far-left maintain the opinion that digital currencies need no regulation, and on the far right is the belief that central banks should issue digital currencies: E-Dollar, E-Yen, E-Naira, etc.

FOREIGN EXCHANGE RESTRICTION: BEFORE YOU CRITICIZE THE CBN.

By Abdulazeez KurangaPosted on Posted in Articles, DataTagged , , , , , , , No Comments on FOREIGN EXCHANGE RESTRICTION: BEFORE YOU CRITICIZE THE CBN.

Foreign exchange is the exchange of one currency for another, or the conversion of one currency into another currency. It also refers to the global market where currencies are traded virtually around-the-clock. The term foreign exchange is usually abbreviated as “forex” and occasionally as FX. Foreign exchange transactions encompass everything from the conversion of currencies by a traveler at an airport kiosk to billion naira payments made by corporate giants and government for goods and services purchased overseas.

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