The UK economy has officially entered a recession after experiencing two consecutive quarters of negative economic growth in the latter half of 2023. The Office for National Statistics (ONS) reported that gross domestic product (GDP) shrank by 0.3% in the fourth quarter of 2023, following a contraction of 0.1% in the previous three months. This…
Telegram is considered a successful global messaging app, with a reported 700 million monthly active users, according to the founder in June 2022. Many users view Telegram as a superior alternative to WhatsApp due to its features such as fast speed, strong security, end-to-end encryption, and the ability to create large group chats. Some of…
Barely two weeks after the announcement of plans by the Central Bank of Nigeria (CBN) to redesign some naira notes, about N52 billion cash has been deposited. Since it is believed that roughly N3 trillion in cash was in circulation when the apex bank announced the policy, there are signs that the deposit amount may…
In case you don’t know the root cause of Nigeria’s problems today on why Naira is continually falling against Dollar in currency exchange rate market, please take time out and read below: As of 25/07/2022, the exchange rates were: £1 = ₦800$1 = ₦670€1 = ₦662 42 years ago, precisely on 25/07/1980 the exchange rate…
Presidents’ past and present are often judged by how well the economy has performed during their tenure. For example, history is often kind to a president that presides over an economic boom compared to one that led to a period of economic crunch or turmoil. As we approach another election year, the economy is front…
The bad performance of the Nigerian currency, Naira continued at the peer-to-peer (P2P) segment of the foreign exchange (forex) market. On Friday at the P2P market, it depreciated against the United States Dollar by N16 to sell for N736/$1 compared with the previous day’s exchange rate of N720/$1. Also, the Nigerian currency lost N2.80 or…
The Nigerian currency has continued its free fall sinking further to N658 against the U.S. dollar in the parallel market, according to data from Aboki Forex. Checks on Friday showed the current parallel market rate pegged at N658 to a dollar. The naira, which traded for N620 against the dollar on Monday, N630 on Wednesday,…
The Central Bank of Nigeria (CBN) has slashed the charges and rates on some transactions including ATM withdrawal, ATM maintenance fees, interbank/intra-bank transfer, among others. The apex bank, in a circular released on Friday, January 28, 2022, announced that the Standing Order charge for intra-bank will be free instead of the N300 contained in the…
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•As CBN website stopped publication of exchange rate The naira has continued to plummel against the dollar at the exchange rate market. According to Punch, naira exchanged 580 to a dollar on Friday, while the Pound Sterling traded for 780 at the parallel market. Some Bureau de Change operators who spoke to PUNCH correspondent said…
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