#dollar funds to naira

[gantechblog]

How To Convert Your Dollar Funds To Naira Online Without Going To A Bank

Converting dollar funds to naira used to be a big problem for Nigerians. You had to visit the bank, stand in long queues, and sometimes leave without completing the transaction. Thankfully, those days are long gone now. Now, with the internet and some trusted online platforms, you can easily exchange & convert your dollars to naira without leaving your home. If you’re a freelancer, a remote…

[tracknews1]

”How Police Arrest Three Suspects with Fake Currency Worth N129 Billion’

The Kano State Police Command has arrested three persons for being in possession of counterfeit currencies amounting to N129,542,826,000:00. The state Police Public Relations Officer, SP Haruna Kiyawa, disclosed this TrackNews reporter. He gave a breakdown of the money which included US Dollars, CFA and Naira as those also stolen from another dealer of the funds. “Counterfeit currencies…

[gcworld]

Financial Containment In a Rules Based Order

Financial Containment In a Rules Based Order

Just 50 years ago the Nigerian Naira was worth more than the South Korean Wan. It is difficult to conceive, given that now the Naira has plummetted 70 pecent against the dollar in 2024, Bloomberg Africa reported. Now fresh from a staye Visit to France, the Niherian president cum CIA asset has presented plans to privatize state refiners.  Now Old Order Hedge Funds can buy refineries at bargain basement prices and leverage it against the local population. It is a brilliant idea for sustained poverty.  The cratering Naira is not a new phenomena, rather it is a part of a long-term Monetary Policy plan to keep Nigerians in perpetual poverty.  In unvarnished terms, Nigerian leadership may not have been fully aware that their deal was a containment trap for their economic future.

Rarely is containment spoken about so openly as it is today in the case of China.  But containment is not new as we see with the history of Nigeria.  In 1912 the British introduced fiat through the West African Currency Board, its first attempt to contain and manage Nigerian assets. However, external financial containment seems oddly bizarre (without a completely zero-sum mindset), that any state has the right to crush or control the fortunes of another nation. Yet, daily such macabre conversations are had with cavalier disregard in newspapers, on business talk shows and in financial news reports.  Just recently the US levied more Tariffs against China, with the Sino-nation retaliating with bans on some precious rare earths,  Reuters reports.  Essentially, some old order actors have determined to team up against a developing econony to thwart its growth.

But the world has been rather lax in its understanding of the methods and lengths that old order architects will take to destabilize economies. And destabilization of economies and stated have never been more important than today in the face of declining empire. Just recently, the Jihadists Hayat Tahrir Al-Sham attacked Aleppo and toppled the government, joined shortly thereafter by the Israeli Regime invading Syria's Golan Heights, Al Jazeera reports.  The overthrow is a direct vilolation to UN Resolution 2254, one of many rules that fail to protect people and property.

Economic destabilization of states has been a mainstay in many quadrants of the world seeking development.  But in times of collapse, nation-states have been required to fall or remain in perpetual chaos.  So whether political or economic, many are unaware that they are making disasterous longterm deals. These deals often hamstring their economy and regions for decades, making scalable business an impossibility.  Entrepreneurs will not be flocking to Allepo or Haifa in the sustained chaos and carnage.

African states rank among the top tier of  those who assume their longtime adversaries will provide loans, helpful monetary policy and military back-up that transforms their nation into a thriving metropolis.   Unbeknownst to many, Africa has become a charade of sorts, with burgeoning cityscapes, paved roads and tons of hidden poverty and desperation.   Desperation that turns young men into cannon fodder for mercenary groups and rogue governments supplied externally with small cash and small favors. Many of the most celebrated cities and centres hide massive poverty behind the face of a paper thin bourgeoisie.  But this pattern repeats across the Global South.

African states have been the target of financial containment for decades.  Leaders smile and take photo ops with foreign ministers from adversarial former colonial powers. And oddly, despite all of the MOUs and agreements signed, nothing improves on the ground. And aptly, the first US president to visit Africa, fell asleep at a working meeting with heads of state in Angola,  Sky News reports.  It seems the information about financial containment never seems to reach the decision-making centers of African heads of state. 

But it would be naive to suppose that only African heads of state fall for old order financial gambits.  It's obvious too in Asia, where the bubble economy has been a go-to ploy by empire. The Plaza Accords offer a grand example, but it would not be the only time the empire has struck back against the East and West Asia. It is only lately that the masses have begun to understand just how completely their economies have been sold to decades of dysfunction.

While Kenyans were busy protesting a lopsided deal with the Adani Group, the US was busy chipping away at Bharat, its "regional Quad partner."  Perhaps its newest Non-Nato ally is also being intentionally chipped away too?  It was erroneously assumed Bharat would not be a threat to the old order. Unfortunately, Undia unwittingly triggered a Thucydides trap in its constant interactions.  It seems those that get closest are targetted the more viciously.   Few understand just how far down the old order has crashed, not understanding that they too may become an existential threat.  States like India would do well to be vigilant in uts financial, trade and military deals and especially where civil society meets. Color revolutions will do just as well, where economic containment fails.

Adani Group represents a specimen of  economic and business ingenuity that defies empire.  It and those similar are problematic in that they reveal the flaws or loopholes in the economic containment model.  They also stand as grim indicators of emperial decline for the zero-sum rationale. Global south successes defy the pre-established gambits and traps set against it by monetary policies, lopsided trade deals, and unequal currency arrangements. 

Financial success and autonomy is a staggering blow to the zero-sum congition of those who have bet on India's decline.  As in earlier analysis on colonialism and the Western dialectic revealled, the genius of indigenous populations to capitalize on unequal terms has always mystified the Rules Based Order traders.  It is why unequal exchange and violence has been necessary to maintain hegemony.  Just recently several gold mining operations like Canada's Barrick Gold and Australia's Resolute Mining have been tapped for $500 Million and more in fraud against developing states in Africa's Sahel, SABC News reports. The global south is poor because the "Broke World Order" has been stealing from it for decades!

Recently it was revealled by a new report that the US State Department funds 50 percent of the OCCRP Investigative journalism nonprofit's budget.  The revelation has come as the BJP Party has accused Washington of destabilization and a smear campaign against Bharat, via the NGO. USAID as its highest benefacyor leaves questions about the integrity of the organization much like the US National Endowment for Democracy has come under scrutiny for uts role in color revolutions. In recent times the US has supported Five-Eyes member, Canada, in its claims regarding the murder of a Khalistani separatists as well as level claims of its own.  It is doubtless now, that being a friend to the US is indeed fatal.

Perhaps it is because no one is really a friend of empire. Not even its functionaries are so well protected, as the chaos expands in old order agencies, governments and financial centers. A pandoras box has been opened that cannot be closed. Le Monde reports that the French government has collapsed.  This in the face of crushing debt, raging domestic discontent, international misteps and a president who evidently does not know how to fix any of it.  Bloomberg also reported that London is fast losing its place as a finacial cener as it continues to alienate capital and growth. Germany recently announced a new military aid package to Ukraine amid massive deindustrialization and a new report that indicates even its services sector is failing, Bloomberg L.P. reports.

These are times where all that was tried and true have been tried.  And now there is only a desperate survival at the core. Aleppo was toppled in less than two weeks.   AllAfrica News has reported that Mozambique has been under seige for months as militants and chaos overun a once peaceful southern African state.  Sadly, the culprits are all known in the region.  An open secret of lost opportunity and regional betrayal. Obviously these are precise destabilizations.  Often using the same rogue actors in Africa and the Middle East. 

Containment of finance has been critical, to maintain hegemony, as we see every effort exhausted against Russia.  As the old order strips away its financial apparatus, it becomes soberingly clear what it will take to wrest control from the Rules Based Order presiding happily unbothered over the genocide in Gaza and the financial mechanizations of the world.  It is not just the dollar and its obserd interest rates that are used to contain, but monetary policies, treaties, technology, trade deals and agreements that seek to shoehorn nations into financial ruin.

While the term, "decoupling" was a big buzzword in 2022 to contain China, it may well become the future of financial freedom and prosperity for those seeking to improve their fortunes.  Decoupling from weaponized systems, currencies, institutions and agreements meant to contain may be the future of the brave new world evolving. A world that spins ever mpre violent as the rules based order reveals its only real law, "He who has the gold (and the guns) makes the rules.

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[ejesgistnews]

Kenya's Catholic Church has taken a bold stand by rejecting a $40,000 donation from President William Ruto, citing ethical concerns and the need to avoid being used for political gain. President Ruto made the donation during a Sunday Mass at Soweto Catholic Church in Nairobi, offering funds for constructing a priest’s house and a gift for the choir. He pledged a total of 2.6 million Kenyan shillings ($20,000 in cash and another $20,000 to follow) and promised to donate a parish bus. Pay Attention To: Nigerian Civil Defence Exam Questions and Answers ( Over 200 Questions) Ethical Concerns Prompt Rejection Archbishop of Nairobi Philip Anyolo announced that the church would return the funds. He emphasized that the Catholic Church discourages using religious gatherings for political purposes, a stance grounded in both church directives and Kenyan law. [caption id="" align="alignnone" width="800"] Archbishop of Nairobi Philip Anyolo said the cash would be returned and declined other pledges from the president[/caption] "The Catholic Church strongly discourages the use of church events, such as fundraisers and gatherings, as platforms for political self-promotion," Archbishop Anyolo stated. Read Also: Dollar to Naira Exchange Rate Today, November 20, 2024: Black Market and CBN Rates In addition to rejecting the president's donation, the church also returned 200,000 Kenyan shillings ($1,350) donated by Nairobi Governor Johnson Sakaja, who attended the service. Rising Tensions Between Churches and Politicians This incident highlights the growing friction between Kenya’s religious institutions and political leaders. With over 80% of Kenyans identifying as Christian, churches have historically maintained close ties with political figures. However, that relationship has come under scrutiny, particularly from young activists who accuse churches of aligning with the government during times of public discontent. Earlier this year, under the #OccupyChurch movement, protesters criticized religious leaders for failing to stand with citizens during demonstrations against new tax measures. The backlash forced the government to withdraw the controversial finance bill. Bishops Criticize Government Policies Last week, the Kenya Conference of Catholic Bishops issued a scathing statement, accusing the government of perpetuating a "culture of lies." They highlighted concerns over over-taxation, corruption, unemployment, and deteriorating healthcare and education systems. "Despite the calmness we are experiencing, there is a lot of anxiety, and most people are losing trust in the government," the bishops stated. President Ruto responded by cautioning the clergy against spreading "misinformation," while a pro-government senator, Aaron Cheruiyot, accused the church of promoting "propaganda and fake news. Support from Other Churches The Anglican Church of Kenya has backed the Catholic Church's position. Anglican Archbishop Jackson Ole Sapit defended the Catholic bishops, stating that they reflected the sentiments of many Kenyans. Calling church leaders names or dismissing the bishops' statement as ‘misleading, erroneous, and false’ is itself dishonest," Archbishop Ole Sapit said. "The bishops have faithfully expressed the truth as things are on the ground." A Turning Point in Church-State Relations This development marks a significant shift in the dynamic between Kenya’s churches and its political elite. With increasing calls for transparency and accountability, religious institutions appear to be distancing themselves from political influence, signaling a growing demand for ethical governance in the country.

[smlblogtv]

Dangote Refinery Seeks Loan To Boost Crude Supply, Production

The Dangote Petroleum Refinery is actively pursuing funding to secure billions of dollars for crude oil imports and ramp up production capacity, according to recent reports. Despite launching a naira-for-crude agreement last month, which facilitated the supply of four cargoes, the refinery is still in need of significant financing to meet its full operational potential. A report from the…

[gantechblog]

How to Know the Current Rate of Dollar to Naira Anytime you Want In Nigeria

Do you want to known how to easily check the current rate of dollar to naira in Nigeria? Worry no more! This article is created to help you quickly find out the latest current exchange rates for dollar to naira anytime you need to change your funds. Whether you are a business owner importing goods, a student planning to pay school fee abroad, or just someone looking to manage personal finances,…

[onlinecompanynews]

EmbassyCard introduces prepaid digital card for payment without network connection, POS machines  - Notice Global Internet https://www.merchant-business.com/embassycard-introduces-prepaid-digital-card-for-payment-without-network-connection-pos-machines/?feed_id=169274&_unique_id=66c163c6363c8 EmbassyCard revolutionizes digital ... BLOGGER - #GLOBAL EmbassyCard revolutionizes digital payment system with no network connection and POS machineEmbassyCard, a Nigerian fintech company with presence in several states of the nation has introduced a new digital prepaid card to merchants and residents of Lagos.This is aimed at solving some fundamental challenges faced by the FINTECH industry in the country such as long queue in banks, charge-back fraud, use of expensive POS machines, delayed transactions and poor internet network.In his speech, during the media parley and stakeholders’ forum held at NECA house, Ikeja on Tuesday 30th July 2024, the Chief Executive Officer of EmbassyCard, Sunny Ojuroye said the initiative is a game changer in the financial space.Sunny Ojuroye stated that the organisation started developing EmbassyCard payment solution with its engineers and Providus bank, the official partner bank in 2019 before its launch in 2024.Addressing mobile money agents present at the event, the CEO said, “Let us make history together with EmbassyCard, a new prepaid card for payment. This is a great opportunity to earn commission with us. EmbassyCard offers additional opportunities to make extra income in addition to what you already do. The cards come in LITE, GREEN and GOLD with photo ID for identification purposes, thus enhancing security of customers’ funds.“We have observed charge-back frauds, long queues when payment don’t go through or customers’ alert failed to arrive, issue of no network with the use of POS machines and long distance travels to lodge complaints at banks.“We want merchants to be protected from charge-back fraud which is costing our businesses a lot of money. You can use your phone instead of a bulky and expensive POS machines. We want all our merchants to become personal cash machines for our EmbassyCard customers  so they don’t have to queue at the banks to get cash.”A Co-director of EmbassyCard, Leye Popoola noted that the company’s digital payment solution is different from others with a strong security feature which enables users to either lock or unlock their EMBASSYCARD in the event of any loss.His words, “You have a mobile money inside your card and you have it in your wallet. So, your money can be in the cloud. If you have EmbassyCard with or without connection, you can receive your money.“It is 100% made in Nigeria for Nigerians by Nigerians. There is no ulterior motive behind it. Every transaction is in Naira. In addition, charges are in naira rather than in dollars that is charged by other competitors”Speaking on how the card works without network to take payment OFFLINE, he said ” with technology, many things are possible with the use of AI. It is configured in such a way that network will not be the problem. The Card and the App work together to create a very secure payment system which protects Merchants from Charge back fraud when the Customer pays with their EmbassyCard.“We have seen the future in the present. We are confident that within a short while from now, we will capture the whole country. There won’t be hidden charges on the use of the card.”In an interview with our correspondent, Emmanuel Udeagha, Head of Brand management in Wetherheads Advertising Group Limited, the organizer of the launch event said the newly introduced payment solution will revolutionalize the payment system in Nigeria. He said, “It is able to take payment online and offline. If you’re in a remote community without network, you can still receive payment as a merchant and make payment as a customer to pay for services at restaurants, petrol stations, utility bills etc. As a merchant, your phone serves as your terminal.

With EmbassyCard, the customer will only need to tap the phone of the merchant at the back of his card and receive payment instantly. It has all the security features.“It has the wallet. You can use it to transfer money to your bank account and transfer to other people and make payments. It is linked to a bank account which allows instant settlement which means your payment gets to you instantly, it doesn’t wait till 12 mid night or 24 hours before settlement.”In his remarks, the Chairman of Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Mr Oluwagunwa Ibirogba commended EmbassyCard for the initiative, saying it has been a struggle to get cash.He urged members of his association to get registered and become a merchant so as to increase their income without the use of POS machines. Imagine, we can now walk about with a card in form of cash. We are the merchants, the smallest bankers! I am encouraging all of us to work and run with it”, he said.“EmbassyCard revolutionizes digital payment system with no network connection and POS machine EmbassyCard, a Nigerian fintech company with presence in several states of the nation has introduced a new digital…”Source Link: https://nairametrics.com/2024/08/17/embassycard-introduces-prepaid-digital-card-for-payment-without-network-connection-pos-machines/ http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/pexels-photo-5961027.jpeg #GLOBAL - BLOGGER EmbassyCard revolutionizes digital payment system with no network connection and POS machine EmbassyCard, a Nigerian fintech company with presence in several states of the nation has introduced a new digital prepaid card to merchants and residents of Lagos. This is aimed at solving some fundamental challenges faced by the FINTECH industry in the country such … Read More

[ejesgistnews]

Rivers in Fresh Crisis as Court Stops Federal Allocation, Gives Reasons. In a landmark ruling, the Federal High Court in Abuja has barred the federal government from releasing monthly allocations to Rivers State. Justice Joyce Abdulmalik issued the order, prohibiting the Central Bank of Nigeria (CBN) from allowing the state access to funds in the consolidated revenue account. Read Also: Dollar to Naira Exchange Rate Today: Black Market and CBN Rates | October 30, 2024 This court action comes in response to a suit filed by the Hon. Martins Amaewhule-led faction of the Rivers State House of Assembly, challenging Governor Siminalayi Fubara’s alleged disregard for court directives. The plaintiffs in the case, which also named Zenith Bank Plc, Access Bank Plc, the Accountant-General of the Federation, Governor Fubara, and the Rivers State Government, argued that the governor has been violating previous court orders. Court Stops Rivers Allocation Over Disputed House Leadership. The Amaewhule-led faction urged the court to suspend federal allocations for Rivers State, accusing Governor Fubara of failing to present the 2024 Appropriation Bill to their assembly faction. Pay Attention To: House of Reps Member Alex Ikwechegh Apologizes After Caught on Video Assaulting Bolt Driver The plaintiffs cited a court decision that had previously recognized Hon. Amaewhule as the legitimate Speaker, thereby nullifying a competing budget proposal presented to the faction led by Hon. Victor Oko-Jumbo. The Court of Appeal also upheld Amaewhule's status as the official Speaker. Justice Abdulmalik’s ruling is rooted in allegations that Governor Fubara has made unauthorized withdrawals from the state’s consolidated revenue fund, a move the plaintiffs argue breaches Section 120 of the 1999 Constitution. This decision underscores the intensifying conflict over the Rivers State House of Assembly's leadership and its far-reaching implications for the state’s financial management. Rivers Political Crisis Escalates: Pro-Fubara Faction Challenges Ruling The political crisis in Rivers deepened earlier this year as the Victor Oko-Jumbo-led faction of the House of Assembly contested the resolutions from the Amaewhule faction. In July, the Amaewhule-led assembly barred Governor Fubara from accessing public funds due to his failure to submit the budget. In contrast, Oko-Jumbo’s faction, which claims that Amaewhule and 24 other members are no longer part of the House, has urged INEC to conduct by-elections to fill the disputed seats. Justice Omotosho, in a separate ruling, annulled the 2024 Rivers budget passed by pro-Fubara legislators, ordering the governor to re-submit it to the legally recognized assembly under Amaewhule’s leadership. The judgment also directed Governor Fubara to provide funds to the Assembly and prohibited any interference in its operations.

[mynewshq]

NNPCL demands N4.7tn petrol imports refund

The Nigerian National Petroleum Company Limited has demanded a refund of N4.71tn from the Federal Government to settle outstanding debts used to import Premium Motor Spirit, popularly called petrol, into the country. The claim was listed as “Exchange rate differential on PMS and other joint venture taxes” on petrol products imported by the company between August 2023 to June 2024. This was disclosed by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, at the June meeting of the Federation Accounts Allocation Committee. Our correspondent obtained the minutes of the meeting on Thursday. Exchange rate differentials refer to the income accrued to banks or government agencies from the difference in value between two currencies at different times through foreign exchange’s sale and purchase prices. For example, if you exchange one United States dollar for 0.9 euros today, and tomorrow you get $1 for 0.8 euros, the exchange rate differential is the change between these two rates. This development also means that the government will support fuel imports by covering the difference between the projected rate and the actual expenses incurred by the NNPC for importing petroleum products into the country. This difference in cost, which ordinarily should be reflected in the retail price of the product and borne by final consumers, contradicts the government’s claims that subsidies have been eliminated This revelation also comes amid challenges faced by the petroleum company to ensure the adequate supply of PMS to marketers for distribution nationwide. Speaking at the meeting, the minister explained to the state commissioners of finance that the national oil company received presidential approval to carry out this duty using the “Weighted Average Rate” from October 2023 to March 2024. Edun added that the company had also sought an extension of the period to cover the differential rate but was advised to write to the National Economic Council requesting approval. The minutes read, “NNPC Limited Exchange Rate Differentials on PMS Importation and Other Joint Venture Taxes for the period August 2023 to April 2024.“ The chairman, PMSC (Post Mortem Sub-Committee) reported that NNPC Limited informed the sub-committee that it had an outstanding claim of N2,689,898,039,105.53 against the federation as a result of the use of ‘Weighted Average Rate’ as of May 2024. “Furthermore, he disclosed that the sub-committee was able to establish that there was Presidential approval to use the ‘Weighted Average Rate’ from October 2023 to March 2024.” It was gathered that the government through the National Economic Council had granted the NNPC permission to import fuel at an exchange rate of N650 to $1 at retail coastal pump prices from June 2023 but the devaluation of the naira surged the price to N1,200, indicating a difference of N550 as exchange difference. On May 29, 2023, during his inauguration, President Bola Tinubu publicly declared that “subsidy is gone,” signaling the end of barriers that had been restricting the nation’s economic growth. However, this claim has been contested by the International Monetary Fund, the World Bank, and other authoritative figures, who argue that the government had quietly reintroduced fuel subsidies. In June, a proposed economic stabilisation plan document stated that the government planned to spend about N5.4tn on fuel subsidies. Also, oil marketers had stated that with a landing cost of ₦1,117 per litre for PMS, the monthly subsidy on the commodity had risen to approximately N707bn. Commenting, the commissioner of Finance, Akwa Ibom State, Linus Nkan, queried how the N2.6tn exchange rate differentials against the federation came about, seeking further clarification.“ The Commissioner of Finance, Akwa Ibom State, referred to paragraphs 3.01 and 5.01 of the PMSC report and requested clarifications as to how the N2.6tn exchange rate differentials against the Federation came about,” the minute said. Reacting, the General Manager, FAAC office at the NNPCL, Joshua Danjuma, confirmed that the amount claimed by the company was to cover the landing cost of PMS. He added that cost has also significantly increased by May 2024 due to changes in the exchange rate. He said, “Reacting to the issue of the N2.6tn claim of NNPC Ltd against the Federation, the representative of NNPC Limited confirmed that the figure had increased significantly as of May 2024 due to the change in the rate at which the company was sourcing for the Forex to pay for the landing cost of PMS.” Read the full article

[chocolatedetectivehottub]

Dollar to Naira Exchange site,

Dollar to Naira Exchange site,

In today's interconnected world, currency exchange plays a crucial role in global transactions and personal finance. Whether you're a business looking to expand internationally or an individual sending money home to Nigeria, understanding the exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) is essential. At Dollar to Naira Exchange, we provide you with the tools and information you need to navigate the currency markets confidently.

Current Exchange Rates

One of the first things you'll notice when visiting Dollar to Naira Exchange is our real-time exchange rate ticker. We understand that exchange rates fluctuate frequently, so we ensure that the rates displayed on our site are always up-to-date. Whether you're planning a trip, making an investment, or conducting business, knowing the current rate empowers you to make informed decisions.

Currency Converter

Our user-friendly currency converter tool allows you to instantly convert USD to NGN and vice versa. Simply enter the amount you wish to convert, and our converter will provide you with the equivalent amount in the other currency. This feature is particularly useful for travelers and businesses alike, as it eliminates the need for manual calculations and ensures accuracy in financial transactions.

Market Insights and Analysis

Navigating the currency market can be complex, but at Dollar to Naira Exchange, we simplify the process with expert insights and analysis. Our team of financial experts regularly updates our blog with market trends, economic news, and forecasts that impact the USD to NGN exchange rate. Whether you're interested in understanding geopolitical influences or economic indicators, our blog provides valuable information to help you stay ahead.

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Security and efficiency are paramount when it comes to currency exchange. At Dollar to Naira Exchange, we prioritize both. Our platform is designed with state-of-the-art security protocols to safeguard your transactions and personal information. Whether you're exchanging currencies online or through our partner locations, you can rest assured that your funds are protected.

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We understand that navigating currency exchange can sometimes raise questions or concerns. That's why we offer dedicated customer support to assist you every step of the way. Whether you need clarification on exchange rates, assistance with our currency converter, or guidance on completing a transaction, our friendly support team is here to help.

Why Choose Dollar to Naira Exchange?

Choosing Dollar to Naira Exchange means choosing reliability, transparency, and efficiency. With real-time rates, a user-friendly interface, expert insights, and secure transactions, we are committed to providing you with the best possible experience in currency exchange.

[wushigod]

Dollar supply in the official foreign exchange market reached a substantial sum of $7.3bn in the months of March and April, findings by The PUNCH have shown. This is as the naira rebounded against the United States dollar to N1,390 per dollar at the official market and steadied at 1,340/$ at the parallel market, popularly called the black market on Monday. According to data sourced from the FMDQ Security Exchange, forex sales data showed that there was improved liquidity in the market as $4.7bn transaction was sold in March. However, FX sales reduced by 51 per cent month-on-month to $2.5bn coinciding with the observed naira depreciation in April. Bureau De Change operators at Wuse Zone 4 said they bought at N1,310 and sold at N1,340 leaving a profit margin of N30. This means the rate remained at the amount quoted on Monday. Malam Yahu, a trader said, “The naira remained as it was on Monday, trading at N1,340. We buy at N1, 310 and our profit is just N30. Nothing really caused the stagnant rate. That’s just how the market went today. We wait to see what tomorrow and next.” At the official market known as the Nigerian Autonomous Foreign Exchange Market, the naira appreciated by N29 or 2.1 per cent to N1,390 per dollar, from N1,419 per dollar recorded on Monday, the lowest since March 13, 2024. The naira had depreciated following slowing inflows occasioned by the withdrawal of funds by Foreign Portfolio Investment. The intraday high closed at N1,450 on Tuesday from N1,451 per dollar on Monday. The intraday low also depreciated to N1,200 on Tuesday as against N1,060 on Monday and closed on Friday at NAFEM, data from the FMDQ Securities Exchange indicated. Dollars supplied by willing buyers and willing sellers appreciated by 34.4 per cent or $77.53m to $225.36m from $147.83m recorded on Monday. Governor of the Central Bank of Nigeria, Olayemi Cardoso, at various fora had emphasised the critical need to attract inflows to maintain liquidity in the foreign exchange market and stabilise the exchange rate. He emphasised the importance of managing exchange rates to address inflationary pressures and ensure both price stability and sustained long-term economic growth. “Failure to tame inflationary pressure using the exchange rate channel may jeopardize not only price stability but also long-term growth.”

[paddedvibezmedia]

How to make money on Paddedvibez Classified Ads Platform

This is the best time to make money online without any stress, just from the comfort of your home doing simple buying and selling of digital assets on Paddedvibez.com. This is a platform where buyers and sellers can make money by exchanging goods and services through the admin escrow system.  What is Paddedvibez marketplace and classified? Paddedvibez.com emerges as an outstanding online marketplace and classified ads platform catering to the needs of online entrepreneurs. They offer a diverse array of pure and legit digital and physical products and services, providing a sure and seamless avenue for buying and selling digital and physical assets and ensuring secured transactions through their reliable Admin escrow system. Functionality and Features of Paddedvibez.com Paddedvibez Classified Marketplace has an extensive range of offerings which includes but not limited to buy and sell of websites, Google adsense accounts, adsense websites, domain names, mobile apps, active social media accounts, trade by barter, digital freelancing services, crypto p2p trading, digital products like music and movies, ebook, and even physical products such as cars and real estates, lands, tech products and lots more. One thing that made paddedvibez.com to stand out from other marketplace and classified ads sites is their trade by barter feature which allows members to buy and sell without money. That sounds good right? With the trade by barter features, You can exchange your asset to another asset. How to use Paddedvibez trade by barter features? To buy an asset or services with the trade by barter features, you need to set up a buyer or seller account and create a listing of what you want to exchange.  For instance:  a member creates a listing that he or she has a Facebook page to exchange for a twitter page. Then another member who has a Twitter page but needs a Facebook page then sees the ads. The both will reach out to each other via the comment or chat section on Paddedvibez.com and agree they want to exchange by barter.   The both will reach out to the escrow admin for transactions after evaluating the said Twitter and Facebook accounts. Then the member who owns a Facebook page will transfer the page details straight to admin escrow while the member who owns Twitter will transfer the account details to the escrow admin and the admin will evaluate the two account details and transfer to exact members.  The person who has a Facebook page will now own a Twitter page vice versa and the deal will be completed.  Members can also buy and sell cryptocurrency using the crypto p2p category without selling in any external crypto platforms like Binance or bybit.  How to use the crypto p2p feature on Paddedvibez.com  To trade any crypto like BTC, ETHER,  USDT, BNB, BUSDT and others, you need to create a listing via the crypto p2p category. For instance you have a USDT you want to sell either for cash or for another cryptocurrency,  you have to state clearly whether you want to sell the crypto for cash payments or you want to exchange for another cryptocurrency.  After creating the listing for that particular crypto for sale via cash transfer, then a buyer will connect with you and you will agree on the rate which you would love to sell the crypto for, and the agreed currency (naira or dollar).  Then the deal will be handled via the admin escrow system, where the buyer will transfer the agreed funds payments to the admin escrow system account.  After the escrow payment confirmation,  the seller will then transfer the crypto to the buyer and once confirmed by the buyer, the escrow system will release the funds to the seller and the deal will be completed.  Everyone goes home smiling. The same applies to all the existing and future categories on Paddedvibez.com. Paddedvibez Secured Transactions: A standout feature of Paddedvibez.com is our emphasis on security. Transactions are conducted via the platform's admin escrow system, significantly mitigating the risks associated with online dealings and fostering a sense of trust between the buyers and sellers on Paddedvibez.com. How to Make Money on Paddedvibez.com daily For digital product creators and entrepreneurs, Paddedvibez.com presents a lucrative opportunity to monetize their assets. By leveraging the platform, individuals can list their high-engagement social media accounts, websites, verified and unverified adsense accounts. domains, apps, and other digital offerings for sale. The escrow system ensures a safe and transparent transaction process, facilitating seamless exchanges between both the buyer and seller. You can create as many listings as possible on Paddedvibez.com and attract potential buyers or sellers who are interested in what you are selling. How to start buying and selling on Paddedvibez.com? To embark on the journey of buying or selling on Paddedvibez.com, users need to register and create an account, specifying their role as either a seller or a buyer.  Upon account creation, users can proceed to list their products or services, connecting with a vast community of potential buyers or sellers eager to engage in transactions.  Note: always deal with the escrow system and don't let the buyer or sellers convince you not to deal with escrow to avoid Scam. What are our Safety Measures: Paddedvibez.com underscores the importance of utilizing its admin escrow system to ensure a secure trading environment. By adhering to this protocol, users can safeguard themselves against potential scams and fraudulent activities, thereby promoting peace of mind throughout the transaction process on the platform.  In conclusion  Paddedvibez.com stands as a comprehensive marketplace and classified ads platform, catering to the diverse needs of online entrepreneurs who are seeking to monetize their digital assets and engage in well secured transactions.  With their user-friendly interface, robust escrow system, it serves as a valuable resource for individuals looking to thrive in the digital economy. What are you waiting for? List your businesses and assets and start selling  on Paddedvibez.com. And for buyers, get in now and Buy that Already existing business or businesses today and build your online income empire.  Read the full article

[gidd-blog1]

Dollar saga: Kano state govt files fresh suit against Ganduje, others

The Kano State government has initiated a new legal action against the former governor of the state, Abdullahi Umar Ganduje, his wife, and six other individuals. The suit, filed before a State high court, alleges multiple counts of corruption, misappropriation, and diversion of funds amounting to billions of naira. The defendants in the fresh suit include Ganduje’s son, Umar Abdullahi Umar,…

[goldmynetv]

Senate warns against supplementary budget, excess loans

The Senate has warned the executive against increasing the budget size through a supplementary budget, advising the government to use the excess savings that are expected to be made from the recent depreciation of the naira to fund deficit. This came against the backdrop of the depreciation of the local currency against the United States dollar from N900/$r to over 1,500/$, following a series of…

[hardynwa]

Only foreign borrowing can save naira, clear CBN debts – EIU

International business research firm, Economist Intelligence Unit, has said that the Central Bank of Nigeria does not have the liquidity to support the naira as of now. It stated this in its latest Country Report on Nigeria, which was published on Friday. The CBN unified segments of the country’s foreign exchange market on June 14, 2023, which resulted in a significant depreciation of the local currency. The naira weakened by 36.56% to 632.77/$ on the day the CBN unified the forex market from 463.38/$ at the official market. The naira has struggled against the dollar since then and it worsened in February following a second devaluation, which is about 45 per cent according to analysts in an attempt to close the gap with the parallel market rate. That makes it the second-worst-performing currency in the world, after the Lebanese pound. In the report, EIU said that the CBN may need to resort to foreign borrowing to support the naira and fulfil its foreign exchange obligations. It stated, “Our view is that it will take foreign borrowing to rebuild the CBN’s buffers, fully clear a backlog of unmet foreign exchange orders and restore confidence. This is probably only achievable towards the end of 2024. In mid-January Nigeria took out a $3.3bn loan from the African Export-Import Bank, secured on oil revenue in a so-called crude oil prepayment facility. This follows a $1bn loan from the African Development Bank in November, and another $1.5bn is being sought from the World Bank. “Falling risk premiums on government international bonds make tapping the international capital market another viable (albeit costly) option once US interest rates start to fall from the second half of 2024. “For most of this year, the naira will be highly volatile, leading to regulatory erraticism that can affect businesses, especially those holding foreign currency. “The CBN lacks the liquidity to support the naira itself; out of $33bn in foreign reserves, a large share (estimated at nearly $20bn), is committed to various derivative deals. The CBN recently imposed restrictions on oil companies repatriating export earnings abroad, and there is a risk of wider convertibility limits being imposed until the currency stabilises.” Also, it was revealed that the Federal Government was greatly incentivised to borrow from the CBN following the return of fuel subsidy. In the report, whose briefing sheet was edited by Benedict Craven, EIU said that with the return of fuel subsidy, which was larger than the previous one, the FG had a strong reason to want to borrow from the apex bank. In December 2023, the National Assembly approved the securitisation of the outstanding debit balance of N7.3tn of the ways and means advance in the consolidated revenue fund of the Federal Government. Ways and Means is a loan facility through which the CBN finances the Federal Government’s budget shortfalls. The report said, “Market reforms under Mr (Bola) Tinubu were intended to attract investment but do not constitute a coherent plan. His two flagship policies, the elimination of petrol subsidies and the liberalisation of the exchange rate have an inner contradiction. As Nigeria imports virtually all its fuel, devaluations of the naira, the latest being a 45 per cent drop in February, should be reflected in the pump price. “However, owing to the threat of industrial action, there has been little movement since June, despite the naira having weakened from N461:$1 in May 2023 to N1,600:$1 in late February 2024. This indicates the return of a (large) subsidy. Denying this publicly, the government has a strong incentive to turn to the Central Bank of Nigeria for financing to cover the fiscal cost. “Deficit monetisation and high inflation will undermine the currency. A possibility is that monetary policy will be tightened to a point at which foreign investors view the naira more favourably.” According to the report, although the CBN raised its policy rate in February, President Tinubu has expressed an aversion to high interest rates. “As inflation has been allowed to rise to a level at which a positive real short-term interest rate would create a significant rise in unemployment—adding another policy¬ induced element to economic hardship—we assume that politics will prevent this from happening. The CBN’s independence has been heavily eroded in recent years; because fiscal firepower is so limited, the government will continue to rely on monetary policy to achieve job-creation and development objectives,” it said. EIU revised its 2024 economic growth forecast for Nigeria from 2.2 per cent to 2.5 per cent, premised on higher than previously expected crude output and earlier than expected production from the Dangote refinery, which is expected to provide some relief although fuel import is expected to continue its dominance. “The new, 650,000-barrel/day Dangote mega-refinery is another possible circuit breaker. The facility is gearing up for its first fuel exports, to be followed by cargoes to the domestic market. In theory, the facility can meet all domestic needs but petrol subsidies make it unclear whether doing so will be profitable (let alone profit-maximising). In any case, Nigeria will continue to depend on fuel imports for most of the year as the refinery ramps up output,” the report said. Describing the implementation of the twin policies of floating the naira and fuel subsidy removal as hasty, the EIU said, “Mr Tinubu has embarked on the biggest economic shake-up in a generation, rapidly rolling out unpopular market reforms and dismantling vehicles for patronage and corruption. Upon coming to power, Mr Tinubu quickly moved to deregulate petrol prices and float the currency. In theory, these reforms are needed to put Nigeria on a higher growth path, but implementation has been hasty and inflation has been allowed to rise to decades-long highs. As the crisis is distinctly policy-induced, there is a serious risk of mass protests and strikes. “Given the potential threat of industrial action on a scale not seen since 2012, the government has been forced to backtrack in some areas, notably on petrol subsidies. Attempts to stem the decline in the currency have become more desperate, and we expect the policy to become increasingly erratic, particularly in the early part of the forecast period, as the need to stabilise prices takes on an existential dimension for the government.” The report noted that the Monetary Policy Rate would peak at 23.75 per cent this year, currently standing at 22.75 per cent. Inflation is projected to also likely to continue climbing for the first half of the year driven by the hefty devaluation of the naira in February. “We expect a full-year rate of 30.3 per cent, which includes some disinflation in the second half of the year,” EIU said. Meanwhile, it projected that the Nigerian currency would depreciate below 2,000/$ before the year runs out. Highlighting top concerns and risks to its forecast, EIU said that if President Bola Tinubu moves too fast on his market reforms, it may lead to mass unrest with a very high impact. The African Development Bank recently raised similar concerns, following the persistent increase in the prices of food items. The AfDB sounded the warning in its macroeconomic performance and outlook for 2024. It cautioned that an increase in fuel and commodity prices occasioned by currency depreciation or subsidy removal in Nigeria, Angola, Kenya and Ethiopia could trigger internal conflicts. It stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.” According to the AfDB, other risks include social unrest forcing the government to make concessions on its reforms, strikes bringing the economy to a halt and the activities of terrorists spreading from the North-East to Central Nigeria. Meanwhile, the apex bank boss, Dr Olayemi Cardoso, in February revealed that the central bank would not be extending facilities to the Federal Government until it fulfils its outstanding obligations to it. “I’m pleased to note the fiscal authorities’ efforts in discontinuing ways and means advances. This is also in compliance with section (38) of the CBN Act (2007). “The bank is no longer at liberty to grant further ways and means advances to the Federal Government until the outstanding balance as of December 31, 2023, is fully settled. The bank must strictly adhere to the law limiting advances under ways and means to five per cent of the previous year’s revenue,” he noted. Read the full article