Economy

WASTE! CBN Gov, deputies buy N10bn SUVs despite hunger, economic downturn

Published

7 months ago

August 31, 2024

Admin

The Central Bank of Nigeria (CBN) has come under fire for recent expenditures reportedly amounting to several billions of naira, despite the ongoing economic challenges facing the country. The bank’s spending spree includes the acquisition of armoured vehicles and substantial allowances for its top officials.

According to reports from Daily Nigerian, the newly appointed CBN governor, Yemi Cardoso, along with his four deputies, have acquired six armoured Lexus LX 600 vehicles, with each vehicle costing over N10 billion. The governor is said to have retained two of these luxury SUVs for use in Lagos and Abuja, while the deputies each received one. Additionally, the CBN reportedly purchased 20 Toyota Camry cars for its management and board members, worth an estimated N84 million.

Insider sources also claim that the governor and his deputies have significantly increased their annual housing allowances to approximately N1 billion, despite already residing in official government-provided residences in Abuja. Furthermore, these officials have allegedly upgraded their international travel privileges to first-class, with a nightly allowance of $7,000 for foreign trips.

The CBN’s top officials, including Emem Usoro, Philip Ikeazor, Bala Bello, and Sani Abdullahi, were nominated and confirmed by the Senate in September 2023. The bank’s recent spending has sparked outrage, particularly in light of the current economic difficulties in Nigeria, where many citizens struggle to afford basic necessities.

The Lexus LX 600, according to information from www.fox7austin.com, is based on the latest Toyota Land Cruiser and is favored by government agencies and aid organizations in hostile regions. The armoured version of the vehicle is designed to withstand shots from a 7.62mm rifle and simultaneous blasts from two hand grenades, and it includes features like night vision cameras and escape hatches. The standard LX 600 starts at $88,245, while the armoured versions can exceed $200,000.

Efforts by Sahara Reporters to contact the CBN’s spokesperson, Hakama Sidi-Ali, for comments were unsuccessful, as he did not respond to calls or messages at the time of reporting.

The bank’s lavish spending has raised serious questions about its priorities, especially at a time when many Nigerians are grappling with economic hardships.

Economy

SEE Black Market Dollar To Naira Exchange Rate Today 3rd April 2025

Published

11 hours ago

April 3, 2025

ADMIN

NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.

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 3rd April 2025?
The local currency (abokiFx) opened at ₦1,560.00 per $1 at the parallel market, otherwise known as the black market, today, Thursday, 3 April 2025, in Lagos, Nigeria, after it closed at ₦1,550.00 per $1 on Wednesday, 2 April 2025.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,545
Selling Rate of $1 ₦1,555
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 is the official exchange rate for dollar to naira today? Here is the dollar to naira CBN rate today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,530
Selling Rate of $1 ₦1,531
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

Naira rebounces against the dollar in parallel market

Published

19 hours ago

April 3, 2025

Admin

Naira appreciated against the dollar on Wednesday at the official foreign exchange market after the Eid-el-Fitr holidays.

The Central Bank of Nigeria’s data showed that the naira strengthened to N1,531.25 per dollar on Wednesday from N1,536.82 recorded last Friday.

This means that the naira gained N5.57 per dollar on a day-to-day basis.

Meanwhile, on the black market, the naira depreciated to N1,555 per dollar on Wednesday from N1,550 traded on Friday before the Eid-el-Fitr holidays.

Meanwhile, recall that over the weekend, the Central Bank of Nigeria announced that the Net Foreign Exchange Reserve, NFER, stood at $23.11 billion, the highest level in over three years.

Economy

CBN denies N5,000, N10,000 banknote rumour

Published

20 hours ago

April 3, 2025

Admin

The Central Bank of Nigeria (CBN) has dismissed claims that it has introduced new N5,000 and N10,000 notes, labeling the reports as false.

In a statement posted on X on Wednesday, the apex bank debunked the rumors, stating: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”

The clarification comes amid widespread misinformation suggesting that the CBN planned to roll out high-denomination banknotes to reduce cash-handling costs and improve liquidity management.

Some versions of the false reports even attributed comments to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., claiming the notes would be introduced on May 1, 2025.