The Foreign currency (FX) regime in Nigeria is a little complex – there are 3 different markets for FX all at different price points with varying means of access and availability. In this environment you need to be clear on how to get FX when you need it and thankfully despite the complexity, there are… Continue reading Form A for PTA
Category: Currency
Give Binance a chance
One of my favourite shows is Nigerian Idol for unveiling amazing talent as well as its mix of comedy and drama. This year’s edition prompted this post because of one of its sponsors, Binance, the cryptocurrency exchange, whose adverts seem to be playing every time I switch on the tv. I’ve used Binance to trade… Continue reading Give Binance a chance
Domiciliary accounts in Nigeria
Saving and investing in foreign currency (FX) is one of my top strategies to preserve the value of my money. If diversifying into foreign currency is good enough for Africa’s richest man then I am happy to emulate the approach that he is taking to preserve his wealth. Domiciliary accounts are relatively common in Nigeria… Continue reading Domiciliary accounts in Nigeria
The E-₦aira and you
Update: Subsequent to this post, the launch date of the E-naira was pushed to 25th October 2021 The 1st October, going forward, shall not only be the birthday of Nigeria but also of the CBN’s new digital currency, the ENaira! It came as a surprise when it was first announced back in August that the… Continue reading The E-₦aira and you
CBN vs. AbokiFX
The last two or so weeks have seen the dramatic slide of the Naira vs other currencies. This is proving traumatic to many of us especially given the acceleration of the decline which has made, once again, expenses creep up even further. Additional concern has been raised by the Governor of the CBN whose behaviour… Continue reading CBN vs. AbokiFX
Which coin should you buy?
The range of crypto currencies available today is massive and, according to Investopedia, there are over 4,000 of them as at January 2021. Coins are the investment opportunity of the moment with critics and proponents in equal measure. Accessibility to buying and selling coins using a Nigerian bank account has been curtailed and labelled illegal,… Continue reading Which coin should you buy?
CBN’s directives on FX in 2021
The last year has seen the Naira dive by over 30% from a valuation of ₦362 to $1 in January 2020 to $470 at the end of 2020. As we near the end of March 2021 the situation at the black market has not improved at all with black market Buy/Sell rates being quoted at… Continue reading CBN’s directives on FX in 2021