Nigeria Takes Firm Action Against Binance Amid Economic Concerns, Detains Executives
In a bold move aimed at addressing the economic challenges facing Nigeria, the government has taken decisive action against Binance,...
Naira Plunges to Record Low of N1,600/$1 in Shocking One-Day Crash! Are Your Savings at Risk?”
The Nigerian currency, the naira, experienced significant crash in the foreign exchange market on Thursday. While the official exchange rate...
Tragic News: Access Bank CEO, Herbert Wigwe Passes Away in Helicopter Crash
In a devastating development, Herbert Wigwe, the esteemed Group Chief Executive Officer of Access Holdings Plc, has been reported as...
Adebayo Ogunlesi: Nigerian Billionaire’s Remarkable Ownership of 6 UK Airports – The Inspiring Journey of a Visionary Entrepreneur
Introduction: Adebayo "Bayo" O. Ogunlesi's personality and remarkable ownership of 6 UK airports is worth studying. He is a prominent...
Femi Otedola Takes Helm as Chair of FBN Holdings, Solidifies Position in Nigerian Banking Sector
Femi Otedola is a prominent Nigerian businessman and entrepreneur. He was born on November 4, 1962, in Ibadan, Nigeria. Otedola...
Understanding the Dynamics of the Nigerian Black Market Exchange Rate: Current Exchange Rate, Factors and Fluctuations”
The Nigerian black market, an informal platform for currency exchange, offers rates often divergent from the Central Bank of Nigeria’s official numbers due to supply-demand imbalances, restrictions, and regulatory scarcity. Factors like inflation, political instability, and economic policies cause daily fluctuations in exchange rates between the US dollar and Nigerian naira. As of January 31, 2024, the black market sell rate for USD to Naira stands at ₦1,470, up 4.74% from the previous week’s average, reflecting the dynamic and complex nature of this parallel market system.