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![Today's Naira Rate [02-05-2024]: Economic Concerns Heighten as Naira Weakens Further Against Dollar at ₦1402/$1](/data/attachments/203/203550-8457c57119a478bc5717b11aa4a694ef.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate [02-05-2024]: Economic Concerns Heighten as Naira Weakens Further Against Dollar at ₦1402/$1
As of today, the exchange rates for the Nigerian Naira (NGN) are as follows:
💵 1 USD ⇛ ₦1,402
💷 1 GBP ⇛ ₦1,660
💶 1 EUR ⇛ ₦1,445
💶 1 CAD ⇛ ₦970
The performance of the Naira in the foreign exchange market remains a point of concern for many Nigerians. With fluctuations in the exchange rates...
Nigeria
NDIC Boosts Deposit Insurance: Raises Coverage to N5 Million for Banks, N2 Million for MFBs"
The Nigeria Deposit Insurance Corporation (NDIC) has made a groundbreaking move by significantly raising the maximum deposit insurance coverage for bank depositors. This adjustment, announced on Thursday, marks a substantial increase of 900 percent, raising the coverage from N500,000 to N5...
In a bid to enhance transparency and regulatory compliance, commercial banks in Nigeria took decisive action in the first quarter of 2024, closing a staggering 2.021 million bank accounts. This move was aimed at purging their books of questionable accounts and aligning with regulatory directives...
Patricia CEO, Hanu Fejiro Agbodje, addressed rumors surrounding the platform's alleged shutdown and accusations of mismanagement with a candid thread on a social media platform. Hanu began by emphasizing Patricia's pioneering role as Nigeria's first local cryptocurrency exchange, highlighting...
Nigeria
Umahi Calls Out Landmark CEO Over Lagos-Calabar Road: Accusations Fly Amid Coastal Development
Amidst the contentious developments surrounding the Lagos-Calabar coastal road project, Governor Dave Umahi, also serving as Nigeria's Minister of Works, has accused Paul Onwuanibe, CEO of Landmark Africa Group, of politicizing issues concerning the initiative.
Umahi's remarks, made during the...
Nigeria
Nigerians Speculate on Political Consequences of Aliko Dangote's Naira Devaluation Statement
Aliko Dangote's statement on the naira devaluation has sparked varied reactions among Nigerians. While some attribute the economic challenges to the previous administration, others speculate about Dangote's interests in the matter, citing alleged benefits he may have received during the period...
During the Annual General Meeting of Dangote Sugar Refinery Plc, Aliko Dangote vehemently criticized the decision to float the naira, branding it as the most detrimental event of 2023.
The abrupt devaluation of the naira, plummeting from N460 to N1,400 against the US dollar, wreaked havoc...
Nigeria
Nigerian Crypto Exchange Under Scrutiny as Patricia CEO Faces Social Media Backlash Amid Allegations of Fund Misuse and Company Collapse
Patricia, a well-known crypto exchange in Nigeria, is under fire for reportedly misusing funds and using investors' money to finance a lavish lifestyle.
Nigerians are taking to social media to criticize the company, urging it to provide explanations and take responsibility.
While the company...
Nigeria
Another Nigerian Fintech Scandal: Patricia CEO, Hanu Fejiro, Clashes with TechCabal Journalist Regarding Alleged Collapse Exposé
The CEO of Patricia, Hanu Fejiro Agbodje, finds himself embroiled in controversy as he faces criticism from Nigerians and Ezra 'God' Olubi, the CTO of Paystack. The uproar stems from allegations that Agbodje attempted to gaslight his followers into bullying a TechCabal journalist who inquired...
Amidst a turbulent economic landscape, the Nigerian naira continues its downward spiral against the United States dollar, amplifying concerns about the stability of the country's currency and its impact on trade dynamics. In a significant development, the Central Bank of Nigeria (CBN) has raised...
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