Category Archives: Banks in Nigeria and money

all about Nigeria banks, payment and transfer of money

Dollar crashes against naira, hits N360 per dollar at black market today

  • Parallel market traders sell at N360 per dollar and buy at N350 per dollar in the afternoon today in Enugu.
  • In Lagos parallel market this afternoon, parallel market traders sell at N400 per dollar and buy at N380 per dollar.
  • Naira gains heavily further today, N60 difference as against yesterday both in Enugu and in Lagos.
  • Speculators are confused as many were taken unaware.
  • Sale by parallel market traders decreases tremendously.
  • Speculators and BDC agents are hard hit at rate of Naira appreciation at the parallel these days.

The Nigerian Naira has strengthens heavily following the CBN release of additional $180m to settle wholesale request in Forex market.

Our national currency is now valued at N360 to USD1 on the parallel market, appreciating in value of N60 as against yesterday. While some market operators did sell at N400 per USD1 in the morning today.

The Nigerian bank official exchange rate also appreciates slightly to N305 per USD1.

The British pounds and Euro also slightly appreciate further, valuing at N500 and N430 respectively as against yesterday sell.

 

You can now check for the following exchange rate on our site;

  1. Daily Black market exchange rate.
  2. Daily Official bank exchange rate.
  3. Daily Western Union exchange rate
  4. Daily Money Gram exchange rate
  5. Daily Bitcoin exchange rate

CBN Warns Banks against Bitcoins & other forms of virtual currencies

Trade with caution! Bitcoin Miners, Ponzi scheme MMM members, etc

The Central Bank of Nigeria (CBN) has warned deposit money banks and all other financial institutions not to operate its business in any form of virtual currency.

These virtual currencies include;

  • Bitcoin,
  • Swisscoin,
  • ripples,
  • onecoin,
  • magneto,
  • litecoin,
  • dogecoin,
  • peercoin,
  • one-line and others.

According to CBN, Virtual currencies (VCs) such as bitcoin, and others, have not been recognised as legal tender in Nigeria but they are already being traded in exchange platforms that are unregulated all over the world.

European Central Bank in 2012 defined virtual currency or virtual money as “a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.

The CBN in its circular explained that payments and exchanges using virtual currencies are largely untraceable and anonymous, rendering its operation susceptible to abuse by criminals, especially in money laundering and terrorism and therefore the Virtual currencies (VCs) should not be accepted by any bank or financial institutions.

The circular stated in part:

  • The attention of banks and other financial institutions is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation decision by the CBN.
  • Ensure that you do not use, hold, trade, and/ or transact in any way in virtual currencies; Ensure that existing customers, that are virtual customers exchangers, have effective AML/CFT controls that enables them to comply with customers’ identification, verification and transaction monitoring requirement
  • Where banks or financial institutions are not satisfied with controls put in place by the virtual currency exchangers/customers the relationship should be discontinued immediately, and lastly, Any suspicious transactions by these customers should immediately be reported to the Nigerian Financial Intelligence Unit (NFIU).

GOSSIP! Hmmmmm, it is unfortunate that neither CBN nor government can stop the advancement of cryptocurrencies in Nigeria although they will definitely try . Cryptocurrencies have ‘crypto’ into Nigeria system of payment. In Lagos Nigeria, Bitcoin is already being traded openly. So, what are we talking about here?

What do you think would be the fate of the Crytopcurrency like Bitcoin in near future in Nigeria?  Start saying your mind now using comment box below, feel free.