RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Currencies

Naira Surges Against Dollar Amid Growing Crypto Use in Nigeria

Rate Captain by Rate Captain
November 11, 2022
in Currencies
Reading Time: 2 mins read
A A
0
Naira Drops to N430.67 at the I&E Window Despite 163% Increase in Liquidity
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

South African Rand Plunges to New Low as Interest Rates Rise

Turkish Lira Plunges to Unprecedented Depths as Erdogan’s Power Grasp Shakes Economy to Its Core.

Is the eNaira a waste of government resources?

After two weeks of depreciation against foreign currencies, the naira has rebounded in the parallel market, where it was trading for around N730 to a dollar. On Thursday night (local time), bureaux de change (BDC) owners in Abuja reported that they were selling the naira for N740 to the dollar.
The amount reflects an N145 gain over the N885 it traded on Monday. However, the Central Bank of Nigeria (CBN) has insisted that the parallel market accounts for less than 1% of FX transactions and should never be utilized to set the value of the naira.
Analysts say the release of new 100, 200, 500, and 1,000 banknotes by the CBN caused the recent depreciation of the naira. President Muhammadu Buhari supports the central bank’s intention to replace outdated banknotes with new, redesigned banknotes. However, several Nigerian academics and the International Monetary Fund (IMF) have voiced concerns about the scheme’s potential outcomes.
While the value of the Naira is on the rise, the same cannot be said about its CBDC counterpart. Though the government had high hopes that the CBDC would stimulate the economy and reduce inflation, the e-Naira has not lived up to its hype, according to some observers.
Coin Edition has previously stated that just 0.5% of Nigerians are actually using the e-naira. According to research, most Nigerians cannot differentiate between  and the e-Naira, the country’s official digital currency. The revelation followed a 5% refund for motorized rickshaw owners when using e-naira.
However, that’s not the case with Nigerians and cryptocurrencies. According to the most recent research on cryptocurrency ownership and adoption by Finder, Nigeria has the second-highest percentage of Bitcoin owners in the world as of October, at 48%, up from 16.1% in the same month last year.
According to data compiled by Google (NASDAQ:) Trends earlier this year, Nigerians ranked first out of the 15 surveyed countries for their interest in cryptocurrency, with a total search score of 371. This was based on the number of times the terms “cryptocurrency,” “invest in crypto,” and “buy crypto” were typed into Google.

Previous Post

Ghana’s Inflation jumps to 40.4% In October 2022

Next Post

Currency redesign: Soludo backs CBN on new Naira notes

Related News

South African Rand Plunges to New Low as Interest Rates Rise

South African Rand Plunges to New Low as Interest Rates Rise

by Rate Captain
May 29, 2023
0

The South African economy has been facing a turbulent period, marked by worsening electricity shortages, rising inflation, and recent allegations...

Turkish Lira Plunges to Unprecedented Depths as Erdogan’s Power Grasp Shakes Economy to Its Core.

Turkish Lira Plunges to Unprecedented Depths as Erdogan’s Power Grasp Shakes Economy to Its Core.

by Rate Captain
May 29, 2023
0

The Turkish lira has reached an all-time low as President Recep Tayyip Erdogan secures his victory in the 2023 presidential...

Is the eNaira a waste of government resources?

Is the eNaira a waste of government resources?

by Rate Captain
May 24, 2023
0

The International Monetary Fund (IMF) recently released a report titled "Nigeria's eNaira, One Year After," revealing that 98.5% of eNaira...

Naira appreciated to N738/$ in the Parallel Market

The Rise in Currency Hoarding: Examining Nigeria’s Cash Crunch.

by Rate Captain
May 23, 2023
0

Nigeria has experienced a significant spike in currency outside the banking system for the fourth consecutive month, reaching a staggering...

Next Post
Currency redesign: Soludo backs CBN on new Naira notes

Currency redesign: Soludo backs CBN on new Naira notes

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

June 2, 2023
Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

June 2, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

    0 shares
    Share 0 Tweet 0
  • US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

    0 shares
    Share 0 Tweet 0
  • FBNH Plc reports Gross Earnings of N805.128 billion in 2022.

    0 shares
    Share 0 Tweet 0
  • Telcos issue banks disconnection notice over USSD debt

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>