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Black market exchange rate remains stable today



Naira remained stable against the US dollar at the black market on Thursday, 15th December 2022, trading at an average of N745/$1, same as recorded on Wednesday.

This is according to information from black market traders who spoke to Nairametrics.

On the flip side, the exchange rate P2P cryptocurrency exchange depreciated by 0.14% to trade at a minimum of N749.96/$1 on Thursday morning, from N748.9/$1 recorded during the previous trading session.

Also, the exchange rate at the official Investors and Exporters window depreciated by 0.94% to close at N450.58/$1 on Wednesday, 14th December 2022 compared to N446.38/$1 recorded in the previous trading session.

Meanwhile, Forex turnover increased by 96.7% to $141.92 million on Wednesday, as against $72.15 million that was traded in the previous session. Nigeria’s external reserve remain at $39.96 billion as of 9th December 2022.

The exchange rate at the official market closed at N450.58/$1 on Wednesday, 14th December 2022, representing a decline of 0.94% compared to N446.38/$1 recorded in the previous trading session.

• The opening indicative rate closed at N447.92/$1 on Wednesday, 14th December 2022.

• Furthermore, an exchange rate of N452/$1 was the highest rate recorded drateuring intra-day trading before it settled at N450.58/$1, while it traded for as low as N426/$1 during intra-day trading.

A sum of $141.92 million in FX value was traded at the Investors and Exporters window, an improvement of 96.7% compared to $72.15 million that exchanged hands in the previous session.

Black market exchange rate appreciates to N745/$1 on 14th December 2022
Naira strengthened marginally against the US dollar on Wednesday, 14th December 2022, recording a 0.27% appreciation to trade at an average of N745/$1 compared to N747/$1 recorded on Tuesday.

This is according to information from black market traders who spoke to Nairametrics.

On the other hand, the exchange rate dipped by 0.12% against the US dollar at the P2P cryptocurrency exchange, trading at a minimum of N748.9/$1 on Wednesday morning, against N748/$1 recorded on Tuesday 13th December 2022.

Also, the exchange rate at the official Investors and Exporters window depreciated by 0.09% to close at N446.38/$1 on Tuesday, 13th December 2022 compared to N446/$1 recorded in the previous trading session.

However, Forex turnover declined by 7.59% to $72.15 million on Tuesday, compared to $78.08 million that was traded in the previous session. Nigeria’s external reserve dipped by 0.01% on Friday, 9th December 2022 to stand at $36.957 billion, from $36.962 billion recorded as of the previous day.


Stallion Nigeria debunks owing GTB N13 billion




Stallion Nigeria Limited has denied owing Guaranty Trust Bank (GTB) N13 billion.

Reacting to reports in a statement signed by Samar Sapre, chief financial officer of Stallion Nigeria, the company said: “Our attention has been drawn to an article circulating around in the media alleging that Stallion is indebted to GTB to the tune of N13 billion. The publication is false and the works of mischief makers as no such debt exists.

“Stallion has been in court with GTB since 2019 over allegations and claims with Stallion winning against GTB at the Court of Appeal, Nigeria. The matter is yet in court and to that extent remains subjudice.

“As a law-abiding corporate entity with faith in the Nigerian judiciary, we refrain from commenting on a matter that is subjudice except to clarify that the publication is false, mischievous and a ploy to smear the unblemished reputation of Stallion.

“We implore the general public to ignore the publication as there is no such court verdict existing anywhere as alleged in the publication. The matter is still pending in court.”

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Kaduna CAN chairman calls for arrest of bank officials over cash scarcity




Joseph Hayab, chairman of the Kaduna chapter of the Christian Association of Nigeria (CAN), has called for the arrest and prosecution of bank officials hoarding the new naira notes.

His statement came amid the scarcity of the new naira notes across the country — a situation that is heightening tension and causing hardship for Nigerians.

Hayab, who spoke in Kaduna on Sunday, commended President Muhammadu Buhari on the direction of the policy aimed at deterring vote buying.

The cleric said the Central Bank of Niger(CBN) should do everything possible to make the currency available to end the hardship.

“Notwithstanding CAN believe that despite the temporary pains Nigerians face, the citizenry is prepared to support the president on the matter of the deadline, especially if it would assist to ease the tension in the country,” he said.

“Therefore, managers of banks who are found to hoard the new naira notes to create artificial scarcity, but are behind the public arena helping money-bag politicians to get the new notes, set the public up against the CBN’s new policy.

“Such banks and bankers should be investigated, and if found culpable, be made to face the wrath of the law.

“CAN will continue to sensitize and mobilize our faithful to support any programme which results could bring about good service delivery for a better nation.”

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‘Bank officials sell naira notes to us’ — PoS operators explain increase in charges




Point of sale (PoS) operators have claimed that bank officials sell cash (both old and new naira notes) to them.

In separate interviews with NAN in Abuja on Friday, some of the operators said they pay an exorbitant fee which depends on the amount withdrawn.

To make up for the extra expense, they explained that they had no choice but to increase the charges paid by customers.

They further appealed to the Central Bank of Nigeria (CBN) to penalise banks involved in the act.

An operator along Nyanya-NNPC road, who preferred anonymity, said she paid the extra charge to keep her business going.

”I paid a very high amount to get this money that I am giving to customers. If you look around here, other operators did not open,” she said.

”The woman (bank official) that I collect money from even increased the money today because she said that cash is scarce and she kept it for me because I called her earlier to do so.

”I pay according to the amount I collect. Sometimes, I pay as high as N5,000 for N50,000 to N70,000 that I collect from her.

”I charge N500 for every N5,000 withdrawn and N1000 for every N10000 withdrawn for me to recover what I spent to collect the money.”

Also speaking, Nnedi Ikonye, a PoS operator along Lugbe, said she paid N3,000 for withdrawing N65,000 in a bank.

”I was asked to pay N3,000 for the N65,000 that I withdrew from a bank and that is because I know someone in that bank,” Ikonye explained.

“That is just a token compared to what my colleagues are paying. They pay more because they don’t know people in the bank.”

Alphonsus Idah, a PoS operator at Mararaba market, urged the CBN to impose sanctions against banks who persist in selling cash to their customers.

This, he explained, would stop the untold hardship faced by citizens.

Another PoS operator, who pleaded anonymity, alleged that bank officials usually withdraw money for their clients.

“In some banks, ATM will not work even though they are loaded with cash,” the operator said.

“During close of work, the bankers will turn the machine on and queue to withdraw from the machine.

“The annoying thing is that one banker can hold like 10 different ATM cards and will withdraw from all of them. This is frustrating.”

In a bid to address long queues at automated teller machines (ATMs), the CBN had directed banks to commence payment of redesigned notes over the counter, with a daily limit of N20,000.

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