The Senate has initiated a move to restore Nigeria’s monetary sovereignty by prohibiting the use of foreign currencies for payments and transactions within the country. EKO HOT BLOG reports that this effort aims to ensure that all financial transactions, including salaries, are conducted in naira. The proposed ban would cover not only local workers but … Read more
The federal government is proposing that the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA) shift to collecting charges, fees, fines, and other payments in Naira instead of foreign currencies. This announcement was made by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, during a briefing … Read more
The Central Bank of Nigeria’s decision to redesign the Naira, the country’s currency, has greatly increased demand in the foreign exchange market. Eko Hot Blog reports that as more people look to buy dollars to exchange their stashed naira notes, this enormous demand has caused the naira to depreciate even more in the black market. … Read more
Foreign exchange scarcity continues to bite hard at the parallel market, causing the Naira to dropped N5 against the US Dollar to trade at N455/$1 on Friday, May 15, Businesspost reports At the previous session on Thursday, the local currency had traded at N450/$1 at the same market segment. Against the Euro, the local currency … Read more