The naira has dropped in value, and now Nigeria Customs Service (NCS) uses an exchange rate of N1601.84 per $1 for import duties. Â On Friday, July 26, 2024, the naira traded at N1,609 per $1, the lowest in four...
The Nigerian naira got a little stronger at the end of the week, going below N1600. This happened while the dollar changed a lot in global markets.
In the NAFEX market, the naira went up by...
Government to Issue $500 Million Bonds
The government will soon issue $500 million in bonds that people can buy using foreign currency. This will happen in about three to four weeks.
The Minister...
Nigeria’s biggest banks made a lot of money from forex changes, totaling N3.37 trillion in 2023 and early 2024.The government, led by President Tinubu, plans to tax these big earnings.This information comes from Nairalytics, which studies money matters. They...
The federal government is planning to issue bonds worth $500 million in the next three to four weeks. These bonds will be in foreign currency but for the domestic market.Wale Edun, the Minister of Finance, spoke about this during...
The naira, Nigeria's money, became weaker against the US dollar. On Thursday, July 25, 2024, it was worth N1,603.80 for one dollar.
Just a day before, it was N1,586.71 for one dollar. This means the naira got weaker by...
Nigeria plans to introduce a new tax on money banks make due to the changing value of foreign currencies. This tax could add up to 0.3% to Nigeria's Gross Domestic Product (GDP) in 2024. This helps the country get...
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The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has gone down from N1,584/$ on July 22 to N1,541/$...
Between January and March 2024, Nigerians spent $38.17 million on studying abroad.This information comes from the Central Bank of Nigeria's (CBN) report for the first quarter of 2024.The money spent on foreign education decreased by 83% from $218.87 million...
