Economy

CBN to sanction banks, BDCs rejecting old, small dollar denominations

Published

7 months ago

July 3, 2024

The Central Bank of Nigeria has warned Deposit Money Banks to stop rejecting old and small denominations of the United States dollar bills.

CBN threatened that there would be sanctions for rejections.

It also urged Bureau De Change operators and the public to desist from defacing the notes.

The CBN issued this warning in a circular signed by the acting Director of the Currency Operations Department of CBN, Solaja Mohammed, with reference: COD/DIR/INT/CIR/001/017 on Tuesday.

It said the directive followed the outcome of a customer market intelligence conducted by the bank which revealed rejection of old/lower denominations of dollar bills by commercial banks and forex traders.

The acting director, recalling a 2021 circular noted, that the bank’s directive which frowns at the selective acceptance of deposits is still in force and must be adhered to by all parties.

The circular read, “The outcome of the consumer market intelligence conducted by the bank revealed the continued rejection of old/lower denominations of United States dollar bills by Deposit Money Banks and other authorised forex dealers.

“Kindly be reminded that the CBN circular referenced COD/DIR/INT/CIR/001/002 and dated 9th April 2021 which explicitly frowned at this selective acceptance of deposit is still in force and must be adhered to and complied with by all relevant parties.

“For the avoidance of doubt and further guidance on the circular, the content is hereby reissued as follows for strict compliance: all DMBs /authorised forex dealers should henceforth accept both old series and lower denominations of United States dollars that are legal tender for deposit from their customers.

“The CBN will not hesitate to sanction any DMB or authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers.

“In addition, all authorised forex dealers are advised to desist from defacing/stamping US dollar banknotes as such notes always fail authentication tests during processing/sorting. Please note for immediate compliance.”

This development is coming months after the Economic and Financial Crimes Commission began the arrest and prosecution of Nigerians mutilating and defacing the naira.

Economy

SEE Black Market Dollar To Naira Exchange Rate Today 21 January 2025

Published

11 hours ago

January 21, 2025

Naijablitznews

Black Market Dollar To Naira Exchange Rate Today 21 January 2025 Can Be Accessed Below.

The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
What’s the dollar to naira black market today 14 January 2025?
The local currency (abokiFx) opened at ₦1,660.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 21 January 2025, in Lagos Nigeria, after it closed at ₦1,655.00 per $1 on Monday, 20 January 2025.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,655
Selling Rate of $1 ₦1,660
Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.

What’s the dollar-to-naira CBN exchange rate today?
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,551
Selling Rate of $1 ₦1,552
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Economy

Bitcoin hits all-time high driven by Trumpmania

Published

22 hours ago

January 21, 2025

Kayode Sanni-Arewa

Bitcoin the world’s largest cryptocurrency hits an all-time high of 109,241 dollars on Jan. 20 as Donald Trump prepares to take over the white house as president of the United States.

Ahead of the crypto-friendly president’s inauguration and the launch of $TRUMP and $MELANIA issued by Trump and his wife, Melania Trump, Bitcoin surged 5.5 per cent to set a new record according to the report from Bloomberg

The surge came after Trump and Melanin introduced meme coins over the weekend with $TRUMP briefly reaching a market capitalization of more than 15 billion dollars before falling sharply.

The meme coin has disrupted the digital asset market reducing influence into bitcoin and smaller tokens and drawing criticism from industry experts.

Bitcoin, Ethereum (the second largest crypt currency), and XRP or surged Monday morning in London as traders counted down the hours before Trump official returned to the white house.

Bloomberg News reported that he was considering an exclusive order that will deem crypto assets in ‘’National priority’’.

Ben El-baz, CEO of Hashkey Global said that the launch of meme coins by Trump and his team has further fuelled Bitcoin’s rally, as retail traders expect the republican president to prioritize and reaffirm his commitments to the crypto industry.

Economy

SEE Exchange Rates Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 20 January 2025

Published

2 days ago

January 20, 2025

Naijablitznews

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Monday, January 20, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 20 January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Monday, January 20, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Monday, January 20, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.