₦airaland Forum

Ecobank Shareholders in Nigeria to Receive N66.6 as Dividend
https://businesspost.ng/economy/ecobank-shareholders-in-nigeria-to-receive-n66-6-as-dividend/

NGX Stops Investors from Trading Wema Bank Shares
https://businesspost.ng/economy/ngx-stops-investors-from-trading-wema-bank-shares/

Buy Pressure on NGX Extends to Third Day as FCMB Attracts Attention
https://businesspost.ng/economy/buy-pressure-on-ngx-extends-to-third-day-as-fcmb-attracts-attention/

UBA Excites Shareholders With Increase in FY 2021 Dividend
https://businesspost.ng/economy/uba-excites-shareholders-with-increase-in-fy-2021-dividend/

MTN Nigeria Shares Tumble Amid Reports of Sexual Harassment
https://businesspost.ng/economy/mtn-nigeria-shares-tumble-amid-reports-of-sexual-harassment/

NGX Index Remains in Bears Territory, Sheds 0.06% Friday
https://businesspost.ng/economy/ngx-index-remains-in-bears-territory-sheds-0-06-friday/

SEC Tightens Requirements for Issuing Bonds, Others
https://businesspost.ng/economy/sec-moves-to-boost-capital-market-instruments-integrity/

Seplat, ExxonMobil Deal Positive for Economy—Wood Mackenzie
https://businesspost.ng/economy/seplat-exxonmobil-deal-positive-for-economy-wood-mackenzie/

Presco Begins Subscription for N30bn Bond Issuance
https://businesspost.ng/economy/presco-begins-subscription-for-n30bn-bond-issuance/

Investors Embrace Stanbic IBTC Zero Stockbroking Account Opening
https://businesspost.ng/economy/investors-embrace-stanbic-ibtc-zero-stockbroking-account-opening/

AEC Foresees Nigeria’s Crude Oil Production at 1.46 million barrels per day
https://businesspost.ng/economy/aec-foresees-nigerias-crude-oil-production-at-1-46-million-barrels-per-day/

Highest-Paid footballer from Nigeria

The phrase “Naija no dey carry last” has been evident in football recently as there has been an influx of Nigerian footballers playing abroad. Football is the most popular sport in Nigeria with millions of fans supporting their clubs abroad. Nigeria has always been a home of incredible football talents and with more amazing young footballers showing in recent years, the weekly wages of Nigerian footballers has been on a rise.

The huge wages being paid to Nigerian footballers isn’t a surprise as the impact of the players is evident in those teams. Aside from the high wages they earn, Naija footballers are being traded for a huge amount of money. In the summer of 2020, Victor Oshimen became the most expensive African footballer of all time as he joined Napoli from Lille for about $80 million-plus add-on. Hardly any top European league without a Nigerian footballer performing at a high level and earning huge wages. A good sign for the Super Eagles as the national squad is now full of top talents.

We have decided to go on an adventure to reveal the highest-paid footballers from Nigeria, who are also featured in the best football predictions bettors will find on Takebet Nigeria. We have searched all leagues where Nigerian players compete, from European leagues such as English Premier League, Spanish La Liga, Serie A, Ligue 1, Bundesliga to other top leagues.

Let’s dig into the list of the highest-paid footballers from Nigeria.
Odion Ighalo – Striker, Al-Hilal – $170,000 (last know)

Odion Ighalo is one of the most popular Nigerian players. The striker became the first Nigerian international to play for Manchester United after he joined the club on loan from the Chinese side Shanghai Shenhua in January 2020. Odion Ighalo scored five goals in 23 appearances before returning to Shanghai Shenhua at the end of his loan.

The Nigerian international joined Saudi Arabia’s Al Shabab from the Chinese Super League side Shanghai Shenhua in 2021. Ighalo scored 10 league goals in 19 appearances for Shanghai Shenhua. Odion made his debut in 2005 and moved to Europe in 2008 where he joined Udinese. The Nigerian international joined Watford during the 2014-15 and scored 36 league goals in 90 appearances for the club.

Odion Ighalo represented the Super Eagles during the 2018 World Cup. The Nigerian international holds the record for the most goals scored during a single Africa Cup of Nations with seven goals in 2019.

Ighalo earned $170,000 per week in Al Shabab. Odion Ighalo joins Al-Hilal, another Saudi football club, after the AFCON 2021. His salary in the new club is currently unknown, but the striker is sure to keep his #1 spot.
Victor Osimhen – Striker, Napoli – $110,000

Victor Osimhen is currently one of the best strikers in Europe. The Nigerian international has been amazing for Napoli this season after a slow start to life in the Italian Club. Victor Osimhen became the most expensive Africa striker in history after he joined Napoli from Lille for a fee of about $80 million in the winter transfer of 2020.

The Napoli striker has scored 19 goals in 45 appearances for the Italian side. Osimhen had an incredible rise to glory as he wasn’t able to join either Zulte Waregem or Club Brugge in his early days due to Malaria. Victor was in Nigeria’s under-17 team that won the 2015 FIFA U-17 World Cup. The Nigerian international won the Golden Boot in the tournament with 10 goals. He also won the Silver Ball award during the tournament.

Osimhen missed out on the 2018 World Cup squad. He made his debut for the national team in 2017. The Nigerian international made the squad for the 2019 Africa Cup of Nations and has been brilliant since then. He has scored 10 goals in 18 appearances for the national team.

Victor currently plays in Napoli and he earns $110,000 per week.

Read concluding part below:

https://businesspost.ng/sports/highest-paid-nigerian-footballer-how-much-do-nigerian-footballers-earn/

By Aduragbemi Omiyale

Over the weekend, motorists in Lagos, Ogun State and some parts of Abuja witnessed the resurgence of queues at fuel stations, causing some persons to embark on panic buying.

This is coming at a time the federal government has assured Nigerians that petrol subsidy will no longer be removed by July 1, 2022, as earlier planned.

The central government had only made provisions for the subsidy of the product till June 30, 2022, in this year budget, but after the labour unions threatened a nationwide protest, the government rescinded its decision and announced an 18-month extension for the implementation of the Petroleum Industry Act (PIA).

Speaking on Monday afternoon on Business Nigeria, a programme anchored by Mr Tolu Ogunjobi of TVC, which was monitored by Business Post, the South-West Zonal Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Dele Tajudeen, said the reason for the fresh queues is because of contaminated products in circulation.

According to him, members of his group were supplied with bad products, which have put them in serious trouble as they had to repair vehicles of their customers for what is not their fault.

He also alleged that there is a shortage of petrol from the Nigerian National Petroleum Company (NNPC) Limited, which is the sole importer of petrol into the country and that fuel station owners are now rejecting the bad product.

He further the group is working to resolve the issue amicably, stating that, “We need to be compensated but we don’t want to put the masses in another crisis if we resort into going on strike, demanding compensation because we know people are already in a deep economic problem.”

However, he assured that the issue of the bad fuel in circulation is already being investigated, stating that the managing director of the Petroleum Pipeline Marketing Company (PPMC), Mr Isiaku Abdullahi, has intervened.

“Until the investigation is concluded, I don’t want to comment more so as not to pre-empt, but Mr Abdullahi is making efforts to ensure that all the depots are revived, he is doing a holistic rehabilitation of the depots,” he added.

https://businesspost.ng/economy/reason-for-resurgence-of-queues-at-fuel-stations-ipman/

First Bank Assures Shareholders Good Dividend Payout in 2022
https://businesspost.ng/economy/first-bank-assures-shareholders-good-dividend-payout-in-2022/

Weekly Investment in Stocks Drops as Investors Monitor Environment
https://businesspost.ng/economy/weekly-investment-in-stocks-drops-as-investors-monitor-environment/

NASD Investors’ Portfolios Rise N3.38bn in Week 2 of 2022
https://businesspost.ng/economy/nasd-investors-portfolios-rise-n3-38bn-in-week-2-of-2022/

Nigeria’s December 2021 Inflation Jumps to 15.63%
https://businesspost.ng/economy/nigerias-december-2021-inflation-jumps-to-15-63/

Dangote Cement to Buy Back 170 million Shares Next Week
https://businesspost.ng/economy/tranche-ii-dangote-cement-to-buy-back-170-million-shares/

Champion Breweries’ Minority Shareholders to Earn N3.1bn in 3 Weeks
https://businesspost.ng/economy/champion-breweries-minority-shareholders-to-earn-n3-1bn-in-3-weeks/

NASD Trading Platform Closes Flat Amid Low Trades
https://businesspost.ng/economy/nasd-trading-platform-closes-flat-amid-low-trades/

Nigerian Stocks Suffer First Loss in 2022, Down 0.09%
https://businesspost.ng/economy/nigerian-stocks-suffer-first-loss-in-2022-down-0-09/

BUA Foods Joins Stock Exchange, Trades Shares at N40 Each
https://businesspost.ng/economy/bua-foods-joins-stock-exchange-trades-shares-at-n40-each/

Experts Give Useful Stock Trading Tips at Stanbic IBTC Webinar
https://businesspost.ng/economy/experts-give-useful-stock-trading-tips-at-stanbic-ibtc-webinar/

Ecobank Elevates Group Chief Risk Officer Eric Odhiambo
https://businesspost.ng/jobs/ecobank-elevates-group-chief-risk-officer-eric-odhiambo/

Airtel Africa Gets $176.1m for Sale of Tower Assets in Tanzania
https://businesspost.ng/technology/airtel-africa-gets-176-1m-for-sale-of-tower-assets-in-tanzania/

Berger Paints Chooses Adetomiwa as Acting MD/CEO
https://businesspost.ng/jobs/berger-paints-chooses-adetomiwa-as-acting-md-ceo/

South-West Governors Condemn Sanwo-Olu/Police Face-off at Magodo
Sanwo-Olu/Police Face-off at Magodo Infuriates South-West Governors

First Bank Expands Board With Three Executive Directors
https://businesspost.ng/banking/first-bank-expands-board-with-three-executive-directors/

Lafarge, Others Join Meristem Value Index as FBN, Honeywell Exit
https://businesspost.ng/economy/lafarge-others-join-meristem-value-index-as-fbn-honeywell-exit/

SEC Reminds Fund Managers of Regulatory Fees Payment
https://businesspost.ng/economy/sec-reminds-fund-managers-of-regulatory-fees-payment/

How Investors Traded N13.2bn Equities in Three Days to New Year
https://businesspost.ng/economy/how-investors-traded-n13-2bn-equities-in-three-days-to-new-year/

20 Worst Performing and Best Performing Nigerian Stocks in 2021
https://businesspost.ng/economy/20-worst-performing-and-best-performing-nigerian-stocks-in-2021/

Why Seplat Sacked Avuru as Non-Executive Director
https://businesspost.ng/economy/why-seplat-sacked-avuru-as-non-executive-director/

Neimeth Grows FY Profit to N270.6m on Decline in Borrowings
https://businesspost.ng/health/neimeth-grows-fy-profit-to-n270-6m-on-decline-in-borrowings/

NGX Lifts Suspension on NEM Insurance After Share Reconstruction
https://businesspost.ng/economy/ngx-lifts-suspension-on-nem-insurance-after-share-reconstruction/

Dolidol Plans Massive Investment, More Job Opportunities at Mouka
https://businesspost.ng/brands-products/dolidol-plans-massive-investment-more-job-opportunities-at-mouka/

Ecobank Nigeria: A Journey to the Top
https://businesspost.ng/banking/ecobank-nigeria-a-journey-to-the-top/

Supply Shortages in Nigeria, Others Lift Oil Prices
https://businesspost.ng/economy/supply-shortages-in-nigeria-others-lift-oil-prices/

Pilvest, FinAfrica Operating Illegal Investment Schemes—SEC
https://businesspost.ng/economy/pilvest-finafrica-operating-illegal-investment-schemes-sec/

Ecobank Plans to Introduce Fully Digitized Loan Platform
https://businesspost.ng/banking/ecobank-plans-to-introduce-fully-digitized-loan-platform/

Titan Trust Bank to Take Over Union Bank After 89.39% Stake Acquisition
https://businesspost.ng/banking/titan-trust-bank-to-take-over-union-bank-after-89-39-stake-acquisition/

The Currency Risk for Nigerian Businesses is Very Real – What Are the Best Ways to Handle It?
https://businesspost.ng/economy/the-currency-risk-for-nigerian-businesses-is-very-real-what-are-the-best-ways-to-handle-it/

Shareholders Authorise Board to Delist Access Bank Shares from NGX
https://businesspost.ng/banking/shareholders-authorise-board-to-delist-access-bank-shares-from-ngx/

Why We Pulled Out of 5G Auction in Nigeria—Airtel
https://businesspost.ng/technology/why-we-pulled-out-of-5g-auction-in-nigeria-airtel/

SEC, NGX, FMDQ to Charge 0.025% on Bond Transactions
https://businesspost.ng/economy/sec-ngx-fmdq-to-charge-0-025-on-bond-transactions/

DMO Offers for Sale 10-Year N250bn Sukuk at 12.80%
https://businesspost.ng/economy/dmo-offers-for-sale-10-year-n250bn-sukuk-at-12-80/

Otedola Buys Additional 200 million First Bank Shares for N2.3bn
https://businesspost.ng/economy/otedola-buys-additional-200-million-first-bank-shares-for-n2-3bn/

NGX RegCo Assures Stakeholders Fair, Transparent Market
https://businesspost.ng/economy/ngx-regco-assures-stakeholders-fair-transparent-market/

88% of Lagos Tenants Want Monthly Rental Payment—Commissioner
https://businesspost.ng/general/88-of-lagos-tenants-want-monthly-rental-payment-commissioner/

Abbey Mortgage Bank Management’s Creative Policies Yield Results
https://businesspost.ng/banking/abbey-mortgage-bank-managements-creative-policies-yield-results/

Sterling Bank Gets CBN Approval for Non-Interest Banking Business
https://businesspost.ng/banking/sterling-bank-gets-cbn-approval-for-non-interest-banking-business/

Ellah Lakes, Enugu Government Seal Rice Processing Deal
https://businesspost.ng/economy/ellah-lakes-enugu-government-seal-rice-processing-deal/

Unclaimed Dividends: SEC Engages Registrars, Stockbrokers, Others
https://businesspost.ng/economy/unclaimed-dividends-sec-engages-registrars-stockbrokers-others/

NGX RegCo to Engage Issuers on Post-Listing Requirements
https://businesspost.ng/economy/ngx-regco-to-engage-issuers-on-post-listing-requirements/

How Retirement Can be Enjoyed, Not Endured: The Imperatives!
https://businesspost.ng/featureoped/how-retirement-can-be-enjoyed-not-endured-the-imperatives/

EFCC Declares MBA Forex Owner Wanted Over N231bn
https://businesspost.ng/general/efcc-declares-mba-forex-owner-wanted-over-n231bn/

By Ashemiriogwa Emmanuel

Amid economic instability and the high unemployment rate in Nigeria, one of the smartest ways you can stay financially independent is by venturing into an entrepreneurship business that requires vocational skills.

Even when operated as a side hustle, this can fetch more money than imagined, especially when it is an often-required product or service that is offered to people in your immediate community.

Barbing salon business is one of the most lucrative ideas one can think about, especially when it is properly managed. And interestingly, it does not cost an arm and leg to keep the business running. In fact, the business is not limited to males as women have become interested in this line of work.

However, as with other jobs, breaking into the venture here in Nigeria, especially from scratch, is not as easy as it seems. Whether one plans to operate on a small, medium, or large scale, the nitty-gritty of starting a barbing business must not be ignored.

Hence, Business Post conducted a survey, interviewing well-established barbershops owners in Lagos who are raking in impressive profits from the venture and how they scaled from scratch.

One of those was Mr Haruna Oladele Jimoh, owner of Ijoba Last Born Haircut in Alimosho Local Government Area in Lagos, as well as Son Of Mercy Haircut (SOM) CEO, Mr Sunday Akinosun who is the founder of the establishment.

Learning the Skill

If one is looking to start a profitable barbing salon business, it all begins with learning the craft hands-on. Barbing, in itself, is a delicate art that commands expertise from the practitioner if he wants to have customers return for another haircut.

Thankfully, with the internet, one can learn almost anything in this world. A look at YouTube can provide a basic guide to barbing practices, techniques, and maintenance.

However, speaking on this with Mr Jimoh, he noted that learning this special skill online is not as effective as acquiring the skill through training, and will reflect in the long run.

“For instance, while I teach my apprentice, they are not just learning the barbing aspect, I teach them the business aspect; how our customers are uniquely treated, how to maximize profits and pay required bills, and how to manage the business overall,” he explained.

Read the concluding part below;

https://businesspost.ng/economy/guide-on-how-to-establish-barbing-salon-business-in-nigeria/

Wema Bank Considers Merger, Acquisition, Fresh Capital
https://businesspost.ng/banking/wema-bank-considers-merger-acquisition-fresh-capital/

FTN Cocoa Offers Rights Issue to Shareholders
https://businesspost.ng/economy/ftn-cocoa-offers-rights-issue-to-shareholders/

SEC Seeks Innovative Financial Products for Pension Industry
https://businesspost.ng/economy/sec-seeks-innovative-financial-products-for-pension-industry/

Morgan Capital’s iTrade Platform Suffers Technical Glitch
https://businesspost.ng/economy/morgan-capitals-itrade-platform-suffers-technical-glitch/

Popoola Highlights Benefits of Derivatives Market to Investors, Nigeria
https://businesspost.ng/economy/popoola-highlights-benefits-of-derivatives-market-to-investors-nigeria/

Nigerian Breweries, Others Leave Stock Market Tipsy by 0.38%
https://businesspost.ng/economy/nigerian-breweries-others-leave-stock-market-tipsy-by-0-38/

NGX Group May List Stocks by Introduction October 13
https://businesspost.ng/economy/ngx-group-may-list-stocks-by-introduction-october-13/

Crude Oil Trades Above $83 as Energy Crunch Worsens
https://businesspost.ng/economy/crude-oil-trades-above-83-as-energy-crunch-worsens/

Nigerian Naira Performs Poorly Against Dollar
https://businesspost.ng/economy/nigerian-naira-performs-poorly-against-dollar/

NASD Market Capitalisation Drops 4.57% on NGX Group Exit
https://businesspost.ng/economy/nasd-market-capitalisation-drops-4-57-on-ngx-group-exit/

Why Companies Can’t Trade Stocks Simultaneously on NASD, NGX—Ajomale
https://businesspost.ng/economy/why-companies-cant-trade-stocks-simultaneously-on-nasd-ngx-ajomale/

NGX Group Exits NASD, May List Shares on Main Exchange at N17.17
https://businesspost.ng/economy/ngx-group-exits-nasd-may-list-shares-on-main-exchange-at-n17-17/

Nigeria Must Continue to Borrow, Unless…..
https://businesspost.ng/featureoped/nigeria-must-continue-to-borrow-unless/

GTCO, Ecobank, Others Drive 0.10% Growth in Equity Market
https://businesspost.ng/economy/gtco-ecobank-others-drive-0-10-growth-in-equity-market/

Afriland Drags NASD OTC Bourse to Bearish Territory
https://businesspost.ng/economy/afriland-drags-nasd-otc-bourse-to-bearish-territory/

Taxpayers in Nigeria Reach 41 million, Remit N4.2trn
https://businesspost.ng/economy/taxpayers-in-nigeria-reach-41-million-remit-n4-2trn/

MTN Nigeria Offers N90bn Series II Bond for Sale After Approval
https://businesspost.ng/economy/mtn-nigeria-offers-n90bn-series-ii-bond-for-sale-after-approval/

By Dipo Olowookere

One of the prominent presenters at TVC, a national broadcast television station based in Lagos, Mrs Bukola Samuel-Wemimo, has left the organisation, https://businesspost.ng/ can confirm.

Mrs Samuel-Wemimo, according to information available at our disposal, moved to a rival company, Channels TV and she has already started anchoring news bulletin at her new post.

This is not the first time TVC is losing its key members of staff in recent times.

Recall that one of the anchors of its breakfast programme, TVC Breakfast, Ms Ngozi Alaegbu, left the organisation for Arise TV, while another, Azeezat Adebari Olaoluwa also moved on to join BBC Africa just as its Bayelsa State correspondent, Mr Ovieteme George, exited the company to pitch his tenth with Arise TV as Mr Oba Adeoye had earlier left for Lagos Television (LTV) before joining Arise TV, which also boasts of a former TVC staff, Mr Ndee Iheanacho Amaugo.

Before her exit from TVC to Channels TV, Mrs Samuel-Wemimo was the host of Fireworks, which was started at the station by Mr Ugochukwu Emezue, when he joined TVC from STV before leaving to take up a political appointment in Abia State.

Mrs Samuel-Wemimo was born in 1982 in Lagos and attended St Mary’s Private School, Lagos for her primary education before proceeding to Abeokuta Girls Grammar School, Ogun State for her secondary education and back to Lagos for her tertiary education at the Lagos State University (LASU), where she graduated with a degree in History and International Studies in 2004.

She joined TVC in 2006 after working at LTV, where she was then known as Bukola Coker, hosting various shows, including entertainment, children’s game show and political/current affairs programme.

https://businesspost.ng/general/bukola-samuel-wemimo-leaves-tvc-for-channels-tv/

Stockbrokers Place High Expectations on Airtel Africa—Yussuf
https://businesspost.ng/economy/stockbrokers-place-high-expectations-on-airtel-africa-yussuf/

NGX Lifts Suspension on African Alliance Insurance, Royal Exchange
https://businesspost.ng/economy/ngx-lifts-suspension-on-african-alliance-insurance-royal-exchange/

Airtel to Buy Back 8.27% Minority Stake in Nigerian Subsidiary
https://businesspost.ng/economy/airtel-to-buy-back-8-27-minority-stake-in-nigerian-subsidiary/

Jaiz Bank Lists Fresh 5.1 billion Shares Sold to Indimi
https://businesspost.ng/economy/jaiz-bank-lists-fresh-5-1-billion-shares-sold-to-indimi/

Stock Exchange Halts Trading of Chellarams Shares
https://businesspost.ng/economy/stock-exchange-halts-trading-of-chellarams-shares/

By Dipo Olowookere

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has advised any of his church member who intends to take the COVID-19 vaccine to go ahead, saying “safety belongs to God.”

Addressing the congregation in the early hours of Saturday at the monthly Holy Ghost Night of Friday, October 1, 2021, the cleric said he has nothing against the vaccine as he can also take it if necessary.

“I have not told you not to take the vaccine,” the respected man of God said shortly after mounting the altar to deliver his sermon at the service themed Exceeding Expectations and monitored by Business Post.

According to him, “If taking the vaccine will make you feel safer, you can go ahead to take,” stressing that “if there is need for me to take it, I will do.”

Pastor Adeboye explained that he will take the jab if it is a requirement to travel to a country he intends to go for the gospel.

“I can do anything to do the work of God, including taking the vaccine to allow me to enter a country just to preach the gospel,” the leader of the RCCG Worldwide told his members.

However, the cleric mocked some state governors mandating their citizens to take the jab to be able to access some public places, including the banks, churches and others.

“The number of doses available in the country is not even enough for 10 per cent of the total population of the country, how do you then say whoever does not take the vaccine will not be able to go to the bank, church? he queried, saying “it means 90 per cent of the people won’t be able to access their money. We will need to go back to the olden days of keeping money, I hope you know this system.”

“Well, I believe they just want to make us laugh and you know in Nigeria, we need things to make us laugh,” he further stated.

It is the first time Pastor Adeboye is talking about the VOVID-19 vaccine publicly.

A prominent man of God, who has a strong relationship with the RCCG GO, had earlier publicly kicked against the jab, insisting he will not take it.

https://businesspost.ng/general/i-wont-reject-taking-covid-19-vaccine-if-necessary-adeboye/

NGX Lifts Suspension on AXA Mansard After Share Reconstruction
https://businesspost.ng/economy/ngx-lifts-suspension-on-axa-mansard-after-share-reconstruction/

Academy Press Laments High Tariff on Locally Produced Goods
https://businesspost.ng/economy/academy-press-laments-high-tariff-on-locally-produced-goods/

AG Mortgage Skips Dividend Payment over Capital Impairment
https://businesspost.ng/economy/ag-mortgage-skips-dividend-payment-over-capital-impairment/

Nigeria Can Fund International Capital Market But…—FMDQ
https://businesspost.ng/economy/nigeria-can-fund-international-capital-market-but-fmdq/

How eNaira Will Benefit Nigerians, Economy—CBN
https://businesspost.ng/economy/how-enaira-will-benefit-nigerians-economy-cbn/

The Five Customer Types in Nigeria and How to Sell to Them
https://businesspost.ng/featureoped/the-five-customer-types-in-nigeria-and-how-to-sell-to-them/

By Adedapo Adesanya

On July 27, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, in his customary fashion of black suit and a lemon tie announced that the bank will be stopping the sale of foreign exchange (FX) to Bureaux De Change (BDCs).

This wasn’t unprecedented as such action had been carried out on two previous occasions under his tenure, but one thing was sure, the Naira was set for uncharted territory.

The local currency, which stood at 526/$1 at the end of last month, fell to 557/$1 at the parallel market on Tuesday, September 14. This means that within two weeks, it has lost 5.9 per cent or N31 of its value against the United States Dollar.

This is particularly a telling sight as forex affects everything Nigerians use with a corresponding rise expected in goods and services.

“We are concerned that BDCs have allowed themselves to be used for graft,” Mr Emefiele had said when he announced the decision at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja.

He had accused the BDC operators of sabotaging the financial system and refused to sell the forex at a small margin different from the official Investors and Exporters (I&E) window.

Although the central bank says the black market is an illegal channel for sourcing FX, many Nigerians are left without a choice than to approach the unregulated market to meet their needs since they have been shut out of the official channels, especially importers of items on the FX restriction list.

In addition, those who are allowed to access forex at the I&E segment through the commercials are limited to a certain amount per quarter like the PTAs and BTAs, where the quarterly allocation is $4,000 and $5,000 respectively.

This situation is forcing many forex end-users to the parallel market, causing BDC operators to jerk the exchange rate higher, further widening the disparity between the rate at the official channels and the unofficial window.

Although Mr Emefiele has been mute despite several calls from different quarters, requesting him to take an action to save the Naira from total collapse, the Director of Monetary Policy at the CBN, Mr Hassan Mahmud, while speaking at a virtual investor conference last week said the major concern of the CBN, for now, was boosting Dollar supply to the market windows and not the valuation of the local currency.

He said the apex bank was worried about the supply side of the FX market and the confidence in the system, noting that the level of the Naira was expected to adjust based on demand.

No indication has shown that the Naira will stop its continued downward trajectory anytime soon with many calling for the resignation of the CBN Governor.

A member of the House of Representatives, Mr Tajudeen Adefisoye, had alleged that Mr Emefiele has failed to heed the multiple calls of the National Assembly to appear before it to explain his forex policies and others.

https://businesspost.ng/economy/naira-loses-n31-against-dollar-at-parallel-market-in-two-weeks/

UBA Raises Half-Year Dividend by 17.7% Amid 36.5% Rise in Net Profit
https://businesspost.ng/economy/uba-raises-half-year-dividend-by-17-7-amid-36-5-rise-in-net-profit/

Access Bank to Sell 5-Year Eurobond to Investors
https://businesspost.ng/banking/access-bank-to-sell-5-year-eurobond-to-investors/

Panic as Worsening Dollar Shortage Sinks Naira to N540/$1
https://businesspost.ng/economy/panic-as-worsening-dollar-shortage-sinks-naira-to-n540-1/

Nigerian Stocks Struggle on Low Investor Confidence
https://businesspost.ng/economy/nigerian-stocks-struggle-on-low-investor-confidence/

GTCO Generates N207.9bn in First Six Months of 2021
https://businesspost.ng/economy/gtco-generates-n207-9bn-in-first-six-months-of-2021/

Transactions on NASD Close 0.65% Lower
https://businesspost.ng/economy/transactions-on-nasd-close-0-65-lower/

Saving Your Money in Different Currencies - What are the Plus Sides?
https://businesspost.ng/economy/saving-your-money-in-different-currencies-what-are-the-plus-sides/

Lagos Assembly Passes VAT Bill, Charges 6%
https://businesspost.ng/economy/lagos-assembly-passes-vat-bill-charges-6/

EFCC Orders Banks to Report Customers Involved in Forex Malpractices
https://businesspost.ng/banking/efcc-orders-banks-to-report-customers-involved-in-forex-malpractices/

How to Build an Investment Portfolio
https://businesspost.ng/economy/how-to-build-an-investment-portfolio/

NGX Showcases Opportunities in Nigerian Capital Market
https://businesspost.ng/economy/ngx-showcases-opportunities-in-nigerian-capital-market/

Ecobank Nigeria Expands Agency Banking Locations to 35,000
https://businesspost.ng/banking/ecobank-nigeria-expands-agency-banking-locations-to-35000/

NGX Hints at Change in Securities Trading Patterns
https://businesspost.ng/economy/ngx-hints-at-change-in-securities-trading-patterns/

Stanbic IBTC Raises Interim Dividend to N1 Amid 50% Drop in Profit
https://businesspost.ng/economy/stanbic-ibtc-raises-interim-dividend-to-n1-amid-50-drop-in-profit/

High Business Costs, Others Will Further Mount Pressure on Nigeria’s Telecom Industry—Report
https://businesspost.ng/technology/high-business-costs-others-will-further-mount-pressure-on-nigerias-telecom-industry-report/

Union Bank, Sterling Bank Give NIRSAL N232m for Poultry, Cocoa
https://businesspost.ng/banking/union-bank-sterling-bank-give-nirsal-n232m-for-poultry-cocoa/

NASD Investors Lose N1.3bn in 35th Trading Week
https://businesspost.ng/economy/nasd-investors-lose-n1-3bn-in-35th-trading-week/

Window Opens for Retail Investors to Buy September FGN Savings Bond
https://businesspost.ng/economy/window-opens-for-retail-investors-to-buy-september-fgn-savings-bond/

Dangote to Employ Additional 17,000 for Refinery Project
https://businesspost.ng/jobs/dangote-to-employ-additional-17000-for-refinery-project/

Access Bank to Pay HY Dividend as Earnings Hit N450.6bn
https://businesspost.ng/economy/access-bank-to-pay-hy-dividend-as-earnings-hit-n450-6bn/

Nigerian Stocks Post Third Straight Loss as Mood Dampens
https://businesspost.ng/economy/nigerian-stocks-post-third-straight-loss-as-mood-dampens/

Oil Drops as OPEC+ Maintains Gradual Output Increases
https://businesspost.ng/economy/oil-drops-as-opec-maintains-gradual-output-increases/

CSCS Helps NASD Exchange Open September Bullish
https://businesspost.ng/economy/cscs-helps-nasd-exchange-open-september-bullish/

Nigerian Currency Weakens to N528/$1 Amid FX Scarcity
https://businesspost.ng/economy/nigerian-currency-weakens-to-n528-1-amid-fx-scarcity/
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Stanbic IBTC Stockbrokers Begins Zero Balance Account Opening, Cuts Brokerage Fee
https://businesspost.ng/economy/stanbic-ibtc-stockbrokers-begins-zero-balance-account-opening-cuts-brokerage-fee/

CBN to Subject eNaira to Comprehensive Security Checks
https://businesspost.ng/banking/cbn-to-subject-enaira-to-thorough-security-checks-for-safety/

CAC Commences Registration for LLP, LP
https://businesspost.ng/economy/cac-commences-registration-for-llp-lp/

Nigeria’s Oil Production Drops 100,000 bpd in August
https://businesspost.ng/economy/nigerias-oil-production-drops-100000-bpd-in-august/

Equity Market Gains N6bn as Investors’ Risk Appetite Sours
https://businesspost.ng/economy/equity-market-gains-n6bn-as-investors-risk-appetite-sours/

The Impact of Digital Asset Trading Market on Nigeria’s Economy
https://businesspost.ng/economy/the-impact-of-digital-asset-trading-market-on-nigerias-economy/

Naira Performs Badly Against Dollar Across FX Windows
https://businesspost.ng/economy/naira-performs-badly-against-dollar-across-fx-windows/

Friesland, CSCS Lift Unlisted Securities Market by 1.13%
https://businesspost.ng/economy/friesland-cscs-lift-unlisted-securities-market-by-1-13/

Nigerian Economy on Solid Path to Recovery with 5.01% Growth—FG
https://businesspost.ng/economy/nigerian-economy-on-solid-path-to-recovery-with-5-01-growth-fg/

Lagos Considers Sale of N185bn Bond at Lower Coupon Rate
https://businesspost.ng/economy/lagos-considers-sale-of-n185bn-bond-at-lower-coupon-rate/

Zenith Bank Proposes Interim Dividend as HY'21 PBT Hits N117bn
https://businesspost.ng/economy/zenith-bank-proposes-interim-dividend-as-hy21-pbt-hits-n117bn/

Shaping Investor Portfolios with Alternative Investments
https://businesspost.ng/economy/shaping-investor-portfolios-with-alternative-investments/

Mutual Benefits Vows to Sustain Leadership Role in Retail Insurance
https://businesspost.ng/economy/mutual-benefits-vows-to-sustain-leadership-role-in-retail-insurance/

70% of Nigerian Youths May Become Ex-Convicts—EFCC
https://businesspost.ng/general/70-of-nigerian-youths-may-become-ex-convicts-efcc/

SEC Blames Investors for Rise in Unclaimed Dividends to N170bn
https://businesspost.ng/economy/sec-blames-investors-for-rise-in-unclaimed-dividends-to-n170bn/

How to Manage Business Partnerships
https://businesspost.ng/featureoped/how-to-manage-business-partnerships/

Blockchain Can Boost Nigerian Economy by $29bn—EFInA
https://businesspost.ng/economy/blockchain-can-boost-nigerian-economy-by-29bn-efina/

Fuel Subsidy May Continue Till 2023—NNPC GMD
https://businesspost.ng/economy/fuel-subsidy-may-continue-till-2023-nnpc-gmd/

Rising Appetite Suppresses 12-Month T-Bills Rate to 6.80%
https://businesspost.ng/economy/rising-appetite-suppresses-12-month-t-bills-rate-to-6-80/

CBN Tampers With One-Year Treasury Bills Rate at PMA
https://businesspost.ng/economy/cbn-tampers-with-one-year-treasury-bills-rate-at-pma/

Union Bank H1 2021 Earnings, Profit Stagger
https://businesspost.ng/banking/union-bank-h1-2021-earnings-profit-stagger/

CBN Warns Banks Against Diversion of Forex
**Orders Banks to Create App to Track Customers’ Request Status
https://businesspost.ng/banking/cbn-warns-banks-against-diversion-of-forex/

IGP Orders Probe into Abba Kyari’s Link With Hushpuppi
https://businesspost.ng/general/igp-orders-probe-into-abba-kyaris-link-with-hushpuppi/

Lafarge Africa Grows Net Sales to N145bn in Six Months
https://businesspost.ng/economy/lafarge-africa-grows-net-sales-to-n145bn-in-six-months/

NGX Considers Policy Advocacy to Woo Companies
https://businesspost.ng/economy/ngx-considers-policy-advocacy-to-woo-companies/

NewGold EFT Attracts N4.41bn from Offshore Investors
https://businesspost.ng/economy/newgold-etf-attracts-n4-41bn-from-offshore-investors/

Stanbic IBTC Enlightens Investors on Available Safe Investment Options
https://businesspost.ng/economy/stanbic-ibtc-enlightens-investors-on-available-safe-investment-options/

CBN to Refund BDC Capital Deposit, Licencing Fee
https://businesspost.ng/economy/cbn-to-refund-bdc-capital-deposit-licencing-fee/

Fixed Income, Currency Transactions on FMDQ Jump 49.5%
https://businesspost.ng/economy/fixed-income-currency-transactions-on-fmdq-jump-49-5/

FMDQ Lists FBNQuest N7.34bn Series 19 Commercial Paper
https://businesspost.ng/economy/fmdq-lists-fbnquest-n7-34bn-series-19-commercial-paper/

Ecobank Impresses With 29% Growth in H1 2021 Net Profit
https://businesspost.ng/economy/ecobank-impresses-with-29-growth-in-h1-2021-net-profit/

Africa Prudential Suffers Decline in H1 2021 Revenue, Profits
https://businesspost.ng/economy/africa-prudential-suffers-decline-in-h1-2021-revenue-profits/

Market Rises 0.21% as Appetite for Total Nigeria Shares Persists
https://businesspost.ng/economy/market-rises-0-21-as-appetite-for-total-nigeria-shares-persists/

Nigeria’s Unlisted Securities Market Sheds 1.55%
https://businesspost.ng/economy/nigerias-unlisted-securities-market-sheds-1-55/

Domestic Currency Falls to N504/$1 at Black Market
https://businesspost.ng/economy/domestic-currency-falls-to-n504-1-at-black-market/

Brent Crude Sells at $74 Amid Tight Supplies Forecasts
https://businesspost.ng/economy/brent-crude-sells-at-74-amid-tight-supplies-forecasts/

Retirement Savings Accounts and Wills: The Meeting Point
https://businesspost.ng/featureoped/retirement-savings-accounts-and-wills-the-meeting-point/

Cybercrime: The Greatest Challenge of the Nigerian Youth in the Digital Age!!!
https://businesspost.ng/technology/cybercrime-the-greatest-challenge-of-the-nigerian-youth-in-the-digital-age/

Stocks Gain N330bn as Dividend Hunters Return to Market
https://businesspost.ng/economy/stocks-gain-n330bn-as-dividend-hunters-return-to-market/

Total Nigeria Declares N4 Interim Dividend as H1 Earnings Jump 42%
https://businesspost.ng/economy/total-nigeria-declares-n4-interim-dividend-as-h1-earnings-jump-42/

Oil Prices Jump 2% as Investors Expect Tighter Crude Supplies
https://businesspost.ng/economy/oil-prices-jump-2-as-investors-expect-tighter-crude-supplies/

Naira Appreciates to N411.63/$1 After Sallah Break
https://businesspost.ng/economy/naira-appreciates-to-n411-63-1-after-sallah-break/

Emotionally Healthy People Manage Finances Better—Experts
https://businesspost.ng/economy/emotionally-healthy-people-manage-finances-better-experts/

Knowledge of Market Mechanisms Good for Sound Investment Decisions—Chiemeka
https://businesspost.ng/economy/knowledge-of-market-mechanisms-good-for-sound-investment-decisions-chiemeka/

CBN Promises Rural Farmers Cheap Loans
https://businesspost.ng/economy/cbn-promises-rural-farmers-cheap-loans/

DSS Pledges to Make Nigeria Safe for Business
https://businesspost.ng/economy/dss-pledges-to-make-nigeria-safe-for-business/

Quest Electricity to Inject N28bn Into Yola Disco
https://businesspost.ng/economy/quest-electricity-to-inject-n28bn-into-yola-disco/

Oando Settles Issues with SEC in Interest of Shareholders
https://businesspost.ng/economy/oando-settles-issues-with-sec-in-interest-of-shareholders/

OPEC+ Raises Nigeria's Oil Output to 1.8mbpd
https://businesspost.ng/economy/opec-raises-nigerias-oil-output-to-1-8mbpd/

Chaka Gets $1.5m to Deepen African Capital Markets After SEC Licence
https://businesspost.ng/economy/chaka-gets-1-5m-to-deepen-african-capital-markets-after-sec-licence/

GTCO, UBA, Zenith Bank Attract Stock Investors
https://businesspost.ng/economy/gtco-uba-zenith-bank-attract-stock-investors/

Forex: An Art Deserving of Mastery
https://businesspost.ng/economy/forex-an-art-deserving-of-mastery/

What’s Next for the African Tech Revolution?
https://businesspost.ng/technology/whats-next-for-the-african-tech-revolution/