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3232Nigerian Lawmaker Proposes Closure of All Domiciliary Accounts in Order to Save Imperiled Naira
https://www.digit.info/nigerian-lawmaker-proposes-closure-of-all-domiciliary-accounts-in-order-to-save-imperiled-naira/
Thu, 30 Sep 2021 10:30:47 +0000https://www.digit.info/2021/09/30/nigerian-lawmaker-proposes-closure-of-all-domiciliary-accounts-in-order-to-save-imperiled-naira/Read more]]>Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all domiciliary accounts for the next 12 months.” Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months. The Naira’s Continuing Depreciation The call by Obanikoro comes nearly two […]
]]>Nigerian Central Bank Threats Force Parallel Exchange Rate Tracker to Suspend Service
https://www.digit.info/nigerian-central-bank-threats-force-parallel-exchange-rate-tracker-to-suspend-service/
Mon, 20 Sep 2021 10:00:47 +0000https://www.digit.info/2021/09/20/nigerian-central-bank-threats-force-parallel-exchange-rate-tracker-to-suspend-service/Read more]]>Following threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency’s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets “better clarity of the situation,” management said on September 17, 2021. Tracking of Parallel […]
]]>Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use Surged
https://www.digit.info/official-remittances-to-nigeria-plummet-by-almost-40-in-a-year-when-crypto-use-surged/
Fri, 14 May 2021 07:00:00 +0000https://www.digit.info/2021/05/14/official-remittances-to-nigeria-plummet-by-almost-40-in-a-year-when-crypto-use-surged/Read more]]>According to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source of foreign exchange for the oil-rich […]
Nigerian lawmaker Ibrahim Obanikoro has called on Nigerian authorities to “close all domiciliary accounts for the next 12 months.” Such a move, he argues, will help to ease pressure on the naira, which has depreciated by more than 10% in the past two months. The Naira’s Continuing Depreciation The call by Obanikoro comes nearly two […]
Following threats from the Central Bank of Nigeria (CBN), the management of Abokifx, a website that tracks the Nigerian currency’s black market exchange rates, has announced the suspension of their daily updates. This suspension will remain in effect until Abokifx gets “better clarity of the situation,” management said on September 17, 2021. Tracking of Parallel […]
According to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source of foreign exchange for the oil-rich […]