The naira fell to a new low on Thursday, closing at N996.75 per dollar in the official market and N1090 per dollar in the parallel market.
The naira’s decline has come as a surprise to many analysts, who had expected the Central Bank of Nigeria’s (CBN) recent move to clear some of its FX backlog to boost confidence in the currency.
The domestic currency depreciated 12.24% to close at N996.75 to a dollar at the close of business on Thursday, data from the NAFEM where forex is officially traded, showed.
This represents an N122.04 loss or a 12.24% decline in the local currency compared to the N874.71 it closed on Wednesday and a new all-time low per the Nairametrics tracker. The last all-time low was N993.8 recorded on October 30th.
The intraday high recorded was N1100/$1, while the intraday low was N744.00/$1, representing a wide spread of N356/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $228.54 million, representing a 101.32% increase compared to the previous day.
Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 5.5%, quoted at N1090/$1, while peer-to-peer traders quoted around N1110.10/$1.
Nairametrics’ analysis suggests that the official and parallel market exchange rates are nearing parity. The gap between the official rate and the black market rate has narrowed to approximately N100, which is close to a 10% premium, a margin that is generally considered acceptable.
What the expert is saying: Amid the rising free fall of the Naira both at the official Nigerian Foreign Exchange Market (NAFEM) and the unofficial market, financial experts had called on the Central Bank of Nigeria (CBN), to de-dollarise the economy by declaring any local transactions in US dollars illegal.
Speaking on strategies that can be used for the naira to regain strength, the founder and chief consultant of B. Adedipe Associates Limited (BAA Consult), Dr. Biodun Adedipe, said the CBN should stop government agencies from charging local operators and entities in US dollars.
According to him, the sale of crude oil to local refineries should also be made in Naira rather than in US dollars.
Adedipe said: “CBN should deal transparently with participating banks at the I&E Window. De-dollarise the economy by declaring as illegal any local transactions in US dollars (sale of assets, rent/leases, and other services, including school fees and medical bills) and ensure that government agencies stop charging local operators and entities in US dollars (quite common in the maritime sector).
“Other suggestions include the need to ensure that the sale of crude oil to local refineries should be made in Naira rather than dollar. “
“President Bola Tinubu, should have a direct engagement with bank CEOs to generate ideas and use moral suasion to enlist their support for the market reforms. Face the reality that unified exchange rates (not any different than floating the Naira) is a poor policy choice for a structurally defective and weak economy like ours,” he added.
Nairametrics earlier reported that the Association of Bureau de Change Operators of Nigeria had warned those speculating against the naira to be wary.
The President of ABCON, Aminu Gwadabe gave the warning and noted that the Central Bank of Nigeria was set to inflict pain on currency speculators.
“What is happening in the market and the continuous naira rebounds are the manifestations of the CBN double-edged sword measures of dollar liquidity injection and naira mopping through the instrumentality of interest rates hikes.
“It is a good development as it is the greatest risk to speculate, hoard, and substitute naira for other currencies,” Gwadabe declared.
The post Naira Hits New All Time Low Of N996/$1 At Official NAFEM appeared first on Jomog.
Black Market Dollar To Naira Exchange Rate Today 16th November 2023
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 15th November, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1132 and sell at N1137 on Wednesday 15th November 2023, according to sources at Bureau De Change (BDC).
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 Today
Buying Rate N1132
Selling Rate N1137
Dollar to Naira CBN Rate Today
Buying Rate 843
Selling Rate 844
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The post Black Market Dollar To Naira Exchange Rate Today 16th November 2023 appeared first on Jomog.
Five Millionaires emerge in Polaris Bank’s ongoing ‘Save & Win’ Promo
Five lucky Nigerians at the weekend hit a fortune when they emerged Millionaires in the ongoing Polaris Bank Save & Win Promo.
The live quarterly draw of the ongoing Polaris ‘Save & Win’ promo which took place at the Bank’s headquarters Annex, Alausa Ikeja at the weekend in Lagos, further underscored Polaris Bank’s dedication to fairness in all its promotions and activities.
The development is in line with the Bank’s commitment to rewarding its loyal customers across the nation.
The winners emerged through a draw exercise which was witnessed by its representatives and relevant Agencies of government; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON) who confirmed that the 5 lucky winners were selected across Nigeria’s various regions spanning the geo-zones
Each winner received a cash prize of N1,000,000. During the draw, the lucky winners were called at random using a hybrid media technology which enabled in-premises event; as well as participation of over 1221 customers through the Bank’s virtual network and social media handles.
One of the lucky millionaires commended the Bank in putting in place the promo at this time which he said was relevant saying “Thank you to Polaris Bank for making me a millionaire. I never expected this surprise. This money definitely came in at the right time, I will tell my friends to open accounts with Polaris Bank and participate in the promo so we can all become millionaires.”
Speaking at the live draw event, the representative from FCCPC; Susie Onwuka said, “We’ve been monitoring Polaris Bank since the promo started and it has been fair, they comply to rules and guidelines. Customers should feel free and confident to participate in the promo”.
During the unveiling of the lucky millionaires, Polaris Bank’s Chief Digital Officer (CDO), ‘Dele Adeyinka also expressed the Bank’s commitment to encouraging a culture of savings among its customers. “The Polaris Bank Save & Win promo is not just about rewarding customers; it’s also about encouraging our customers to save for the rainy day”.
The CDO emphasized that customers can still participate in, or increase their chances of winning by depositing a minimum of N10,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N10,000 before the next draw date.
The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the draws.
For those wishing to be part of the Campaign and stand a chance to also become millionaires, below are four (4) ways to participate in the ongoing Polaris Save & Win promo:
1. Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal.
2. Grow your account by N10,000 or more and maintain for 30 days or by N10,000 for 3 consecutive months to qualify for monthly & quarterly draws respectively.
3. If your account is dormant, you can reactivate your account without visiting the Bank by simply dialing *833*30#.
4. Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website to stay updated.
Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards. As a digital-forward Bank, the Bank is dedicated to forging a customer-focused future through innovative partnerships that reshape both businesses and communities.
The post Five Millionaires emerge in Polaris Bank’s ongoing ‘Save & Win’ Promo appeared first on Jomog.
Sterling HoldCo Shareholders Commend Leadership At Statutory Meeting
Shareholders of Sterling Financial Holdings Company Plc have commended the board and management of the company for its performance in its operations and earnings, and the diversification of the group’s business lines since completing the transition to a holding company structure.
This commendation was shared at the recently held statutory meeting in Lagos.
The hybrid statutory meeting, which was held with online and physical attendance, saw the unanimous passing of the singular motion of the day; the adoption of the statutory report for the meeting, presented by the shareholders of the holding company.
Addressing the shareholders of the company, Chairman of the board, Yemi Adeola, thanked the company’s shareholders for their support during the journey to the successful transition to a financial holding company, highlighting the launch of The Alternative Bank; Sterling HoldCo’s ethical banking subsidiary, in increasing shareholder value.
Also in attendance at the meeting, Group CEO of Sterling Financial Holdings Company, Yemi Odubiyi, addressed the opportunities the transformation presents with the potential diversification into other business lines along with the commercial and ethical banking licenses operated by the company.
During the meeting, Dr. Faruk Umar, President of Association for the Advancement of the Rights of Shareholders (AARNS), commended the company for its transition into a Holdco structure. He added that the change would enable Sterling to diversify its operations into other sectors of the Nigerian economy.
Dr. Umar praised the group for the successful launch of The Alternative Bank (TAB) in Lagos, Abuja, and Kano, highlighting the potential profitability of the initiative as well as an appreciation of the board and management of the group for the appointment of Yemi Adeola as board chairman. He also noted Mr. Adeola’s significant contributions to the growth and development of Sterling Bank during his tenure as CEO, expressing confidence in the group’s continued growth trajectory under his leadership.
Dr. Umar also commended the Company Secretary, Mrs. Temitayo Adegoke, and the Chairman of the Statutory Audit Committee, Alhaji Mustapha Jinadu, for effectively communicating with shareholders about developments in the group during the transition from inception till completion.
Dr. Umar concluded by expressing the shareholders’ contentment with the board’s composition, and expressed hope that they would receive support in advancing the institution, pointing out that the transition has already yielded positive results with a rise in the HoldCo’s share prices on the floor of the Nigerian Exchange Limited (NGX).
Other shareholders who spoke at the meeting echoed Dr. Faruk’s remarks, with Mr. Matthew Akinlade stressing the importance of enhancing risk management practices, particularly with the emergence of more subsidiaries in the group; Mrs. Bisi Bakare Oluwayemisi spoke on the need for building resilience and diversifying earnings within the group, underscoring the robust nature of the Holdco structure; while Mr. Adeleke Adebayo encouraged the group to leverage the entire financial landscape to become a comprehensive financial services provider.
With the adoption of the Holdco structure now in full effect, Sterling now possesses the latitude to make inroads into other sectors within financial services, such as pensions, asset management, payment services, real estate, and different verticals, along with the current banking licenses held by the commercial and ethical banking subsidiaries; Sterling Bank and The Alternative Bank, which will operate as limited liability companies within the publicly traded holding company.
A holding company, or Holdco, is a company set up to make and manage, for its account, equity investments in two or more companies, which are its subsidiaries, engaged in the provision of financial services, one of which must be a bank.
The post Sterling HoldCo Shareholders Commend Leadership At Statutory Meeting appeared first on Jomog.
News6 months ago
Full Text of President Bola Tinubu’s Inauguration Speech on May 29, 2023
Headlines11 months ago
Pakistan Govt Jobs Today – Punjab Information Technology Board PITB Jobs 2022
Headlines4 months ago
Full Text Of President Bola Tinubu’s Address To Nigerians On Socio-economic Challenges
Headlines2 months ago
FULL TEXT: Tinubu Addresses 78th UN General Assembly
Education1 year ago
FEDERAL POLYTECHNIC OKO RELEASES COMPUTER BASED TEST (CBT) EXAMINATION TIMETABLE FOR THE 2021/2022 ACADEMIC SESSION
Headlines6 months ago
Nigerians Berate Tinubu’s Subsidy Removal, Says Dangote Won’t Subsidise Petrol For Nigeria
CELEBRITY NEWS5 months ago
Hilda Baci: 6 Benefits the Nigerian Chef May Enjoy as Guinness World Record Holder
Headlines6 months ago
Apapa labels Peter Obi a liar after court scuffle with LP supporters