The notice given by the UAE to its trade partners in Nigeria last Saturday didn’t provide any reasons for this action but said, “all Dubai applications submitted have been rejected.”

This new development is coming weeks after the Dubai authorities tightened visa restrictions for visitors. They were initially granting visas to applicants under the age of 40, except those that apply for a family visa, which affected Nigerians plus some other mostly African countries.

Why the UAE imposed a visa ban on Nigerians?

Over the past 18 months, Nigeria and the UAE have been embroiled in some diplomatic tussles. In August 2021, a viral tweet showed some Nigerians being held in a room at the Dubai airport. The poster claimed they were maltreated even though they carry valid travel documents.

The Nigerian government at the time, in their response through the Diaspora Commission (NIDCOM), Chairperson, Abike Dabiri-Erewa, said the affected Nigerians, including those sent back, did not follow the new visa rules of the UAE. 

NIDCOM said most of the affected Nigerians “were issued with family visas but did not carry any family member with them to Dubai.”

Dabiri-Erewa in a video she posted on 1 September, said it’s the “bad behaviour” by some Nigerians that made the UAE tighten their visa rules, after reports and videos of Nigerian rival cult groups clashing in Dubai. 

Of recent, the Nigerian government evacuated over 500 Nigerians that were stranded in the UAE last Sunday.

The Aviation tussle between Nigeria and the UAE

Within the past 10 months, the aviation sector has suffered the most in the tussle between the Nigerian government and UAE authorities.

In December 2021, the Nigerian government reduced the number of Emirates Airlines flight operations in Nigeria from 21 flights to one flight per week.

This decision was in retaliation over how the UAE treated a Nigerian local carrier, Air Peace. The UAE had earlier reduced Air Peace operations from 3 flights to one per week. The decision by the Nigerian government forced Emirates Airlines to stop its operations in Nigeria for a few weeks. Operations later continued after both governments announced a settlement.

In August 2022, Emirates Airlines announced the suspension of all flight operations in Nigeria with effect from 1 September. They say the reason is their inability to collect and repatriate their money trapped in Nigeria. 

On 11 September, the airline resumed operations in the country after, “the Central Bank of Nigeria has released part of our blocked funds” the statement said.

The post Why the UAE placed Visa ban on Nigerian travellers appeared first on AFRICA EXPLAINED.

The National Essay Competition, targeted at senior secondary students in Nigeria, is organised annually, as part of UBA Foundation’s education initiative which aims to promote the reading culture and encourage healthy and intellectual competition amongst secondary school students in Nigeria and across Africa.

Now in its 12^th edition, this year will witness increased participation of students from Senior Secondary Schools across Nigeria, who can now easily submit their entries from the comfort of their homes or schools through the UBAF NEC digital submission portal.

Prizes and award

For the past three years, UBA Foundation has been reviewing the prizes upwards to reflect economic realities and inflationary effects. The NEC 2022 prizes have increased significantly by 40% from last year.

The first prize winner will receive an educational grant of N5 million to study at any African university of their choice, up from the N3.5 million in 2021. The second and third prizes now stand at N3 million and N2.5 million educational grants rising from N2.5m and N2 respectively.

Also, winners of the 12 best essays will go home with brand new Laptops and other educational tools to help them with their tertiary research work and other studies.

Winner: N5 million educational grant to any African University of their choice.
1st Runner-up: N3 million educational grants to any African University.
2nd runner-up: N2.5 million educational grants to any African University.

2022 UBA Foundation Essay Topic

Selection Criteria and Eligibility

• Must be in Senior Secondary school
• Must submit a handwritten essay (750 words MAX)
• Must submit a passport photograph
• Must submit a scanned copy of a means of identification (birth certificate, National ID, or passport)

How to Apply

• Applicant must submit their valid contact information (Name, Age, School, Address of school, Telephone Number, Residential Address, and Email Address).
• Applicants must upload a scanned copy of their original birth certificates or international passport data page.
• Applicants must upload a handwritten essay on the portal.

The post How to apply: UBA Foundation Portal For National Essay Competition 2022 appeared first on AFRICA EXPLAINED.

Dollar to Naira exchange rate at the black market today, Monday 14 February is ₦570/$1 buying rate and N575/$1 selling rate according to bureau de change operators in Lagos and Abuja. The ₦570/$1 rate is a recent development following the CBN governor announcement that the apex bank would no longer sell forex to commercial banks, instead the banks would have to source for forex from the proceed of export.

CBN governor, Godwin Emefiele was quoted as saying “The era is coming to an end when, because your customers need 100million dollars in foreign exchange or 200 million dollars, you now want to pack all the dollars and pass it to CBN to give you dollars.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again, go and generate your export proceeds.”

However, in a report by Nairametrics, a different CBN official clarified the governor’s comment saying it was only a hypothetical statement.

But the damage has already been done, the earlier report pushed the Naira from #560/$ it has maintained since Christmas to #570/$ within hours.

Earlier in January, the Central Bank of Nigeria CBN took a step towards devaluing the naira when it adopted the official Investors and Exporters (I&E) window rate – the naira jumped from N411.73/$1 which it has been for months to N427/$1 at the official CBN controlled market.

The CBN accused bureau de change operators of arbitrarily fixing the exchange rate of the Naira to their personal advantage and stopped selling forex to them, but months since the apex bank banned them from the official forex market, the naira is still yet to make much significant gains.

What does the official rate mean?

The official rate is the exchange rate approved by the CBN – the Central Bank of Nigeria is the sole regulator of Naira and determines the exchange rate. About 6 months ago, the CBN banned the activities of Bureau DE Change operators and ordered banks to take over the buying and selling of foreign currencies in the country. The CBN is selling FX directly to the banks so they can in turn sell to end users in an attempt to control the price of Forex. The price at which the CBN is selling is called the official rate.

To get the official rate, which is much lower than the parallel market rate, you have to go through the licensed commercial banks in the country. It makes sense to buy at the official rate, but if you are selling you might want to consider the parallel market.

Why do people buy currency at the black market?

People buy currency at the black market because getting currency at the official rate from commercial banks is extremely difficult. The banks also have a limit of $5000 as personal allowance for travellers and $10000 as business travel allowance. Untop of that plenty of paperwork is required and most times some banks simply claim they don’t have foreign currency.

That is if you’re buying, if you’re selling the banks buy your Dollar at #417/1$ while the black market buy same at #570/1$. Selling dollar at the black market for those who earn in Dollars such as bloggers, YouTubers and other freelancers makes more sense as they get a high price.

How to find black market bureau de change operators in Nigeria

Like everything that involves financial transactions, one needs to be very careful when dealing especially with Nigerians. Bureau de change operators can be found at the commercial district of every major city in Nigeria. They can also be found at airports and some major hotels in cities. These operators are usually of Hausa ethnicity, hence the name Aboki.

As a safety precaution, make sure to always deal with operators that have a fixed address in a public shop, that way you can always find them in case something goes wrong.

If you are in Ilorin, black market bureau de change operators can be found inside Kwara Hotel complex along Ahmadu Bello Way, just before government house. The operators located there are tested and you can always trust them to give you a fair price.

The post Dollar To Naira Black Market Exchange Rate Today February 14 appeared first on AFRICA EXPLAINED.

Dollar to Naira exchange rate at the black market today, Monday 7 February is ₦560/$1 buying rate and N565/$1 selling rate according to bureau de change operators in Lagos and Abuja. The ₦560/$1 rate has remained fairly consistent since before Christmas and has maintained the same price so far throughout 2022.

Earlier in January, the Central Bank of Nigeria CBN took a step towards devaluing the naira when it adopted the official Investors and Exporters (I&E) window rate – the naira jumped from N411.73/$1 which it has been for months to N427/$1 at the official CBN controlled market.

The CBN accused bureau de change operators of arbitrarily fixing the exchange rate of the Naira to their personal advantage, but months since the apex bank stopped selling forex to them, the naira is still yet to make much significant gains.

What does the official rate mean?

The official rate is the exchange rate approved by the CBN – the Central Bank of Nigeria is the sole regulator of Naira and determines the exchange rate. About 6 months ago, the CBN banned the activities of Bureau DE Change operators and ordered banks to take over the buying and selling of foreign currencies in the country. The CBN is selling FX directly to the banks so they can in turn sell to end users in an attempt to control the price of Forex. The price at which the CBN is selling is called the official rate.

To get the official rate, which is much lower than the parallel market rate, you have to go through the licensed commercial banks in the country. It makes sense to buy at the official rate, but if you are selling you might want to consider the parallel market.

Why do people buy currency at the black market?

People buy currency at the black market because getting currency at the official rate from commercial banks is extremely difficult. The banks also have a limit of $5000 as personal allowance for travellers and $10000 as business travel allowance. Untop of that plenty of paperwork is required and most times some banks simply claim they don’t have foreign currency.

That is if you’re buying, if you’re selling the banks buy your Dollar at #427/1$ while the black market buy same at #560/1$. Selling dollar at the black market for those who earn in Dollars such as bloggers, YouTubers and other freelancers makes more sense as they get a high price.

How to find black market bureau de change operators in Nigeria

Like everything that involves financial transactions, one needs to be very careful when dealing especially with Nigerians. Bureau de change operators can be found at the commercial district of every major city in Nigeria. They can also be found at airports and some major hotels in cities. These operators are usually of Hausa ethnicity, hence the name Aboki.

As a safety precaution, make sure to always deal with operators that have a fixed address in a public shop, that way you can always find them in case something goes wrong.

If you are in Ilorin, black market bureau de change operators can be found inside Kwara Hotel complex along Ahmadu Bello Way, just before government house. The operators located there are tested and you can always trust them to give you a fair price.

The post Dollar To Naira Black Market Exchange Rate Today February 7 appeared first on AFRICA EXPLAINED.

Dollar to Naira exchange rate at the black market today, 3 January is ₦560/$1 buying rate and N565/$1 selling rate according to bureau de change operators in Lagos and Abuja. The ₦560/$1 rate has remained fairly consistent since before Christmas and has maintained the same price on the first working day of 2022.

Last week, the Central Bank of Nigeria CBN took a step towards devaluing the naira when it adopted the official Investors and Exporters (I&E) window rate – the naira jumped from N411.73/$1 which it has been for months to N427/$1 both on Thursday and Friday last week.

What does the official rate mean?

The official rate is the exchange rate approved by the CBN – the Central Bank of Nigeria is the sole regulator of Naira and determines the exchange rate. About 4 months ago, the CBN banned the activities of Bureau DE Change operators and ordered banks to take over the buying and selling of foreign currencies in the country. The CBN is selling FX directly to the banks so they can in turn sell to end users in an attempt to control the price of Forex. The price at which the CBN is selling is called the official rate.

To get the official rate, which is much lower than the parallel market rate, you have to go through the licensed commercial banks in the country. It makes sense to buy at the official rate, but if you are selling you might want to consider the parallel market.

Why do people buy currency at the black market?

People buy currency at the black market because getting currency at the official rate from commercial banks is extremely difficult. The banks also have a limit of $5000 as personal allowance for travellers and $10000 as business travel allowance. Untop of that plenty of paperwork is required and most times some banks simply claim they don’t have foreign currency.

That is if you’re buying, if you’re selling the banks buy your Dollar at #427/1$ while the black market buy same at #569/1$. Selling dollar at the black market for those who earn in Dollars such as bloggers, YouTubers and other freelancers makes more sense as they get a high price.

The post Dollar To Naira Black Market Exchange Rate Today appeared first on AFRICA EXPLAINED.

The country’s foreign reserves also suffered a decline of 0.09% on Thursday, 2nd December to close at $41.12 billion compared to $41.15 billion recorded as of the previous day. The recent decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official Forex market, according to Nairametrics. 

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Monday December 6, for $1 dollar to naira N414.73/$1 at the official Investors and Exporters (I&E) window.

Follow the CBN live stream to see how the Naira is performing in real time.

What does the official rate mean?

The official rate is the exchange rate approved by the CBN – the Central Bank of Nigeria is the sole regulator of Naira and determines the exchange rate. About 4 months ago, the CBN banned the activities of Bureau DE Change operators and ordered banks to take over the buying and selling of foreign currencies in the country. The CBN is selling FX directly to the banks so they can in turn sell to end users in an attempt to control the price of Forex. The price at which the CBN is selling is called the official rate.

To get the official rate, which is much lower than the parallel market rate, you have to go through the licensed commercial banks in the country. It makes sense to buy at the official rate, but if you are selling you might want to consider the parallel market.

If you want to sell dollar today, see the difference between the official rate and black market here.

The post Dollar To Naira Black Market Exchange Rate Today December 6 appeared first on AFRICA EXPLAINED.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Sunday November 28, for $1 dollar to naira = ₦410.79/$1.

According to the data at the FMDQ Security Exchange where Forex is traded officially, exchange rate between the naira and the US dollar opened at ₦410.79/$1 on Tuesday 25, after it closed at ₦415.07 to a $1 on Monday, 22 November 2021. Follow the CBN live stream to see how the Naira is performing in real time.

What does the official rate mean?

The official rate is the exchange rate approved by the CBN – the Central Bank of Nigeria is the sole regulator of Naira and determines the exchange rate. About 4 months ago, the CBN banned the activities of Bureu de Change operators and ordered banks to take over the buying and selling of foreign currencies in the country. The CBN is selling FX directly to the banks so they can in turn sell to end users in an attempt to control the price of FX. The price at which the CBN is selling is called the official rate.

To get the official rate, which is much lower than the parallel market rate, you have to go through the licensed commercial banks in the country. It makes sense to buy at the official rate, but if you are selling you might want to consider the parallel market.

How much is exchange rate of Dollar to Naira in Black Market today?

According to most Bureau De Change (BDC) sources in Lagos and other parts of Nigeria, the exchange rate for a dollar to naira at Parallel Market (Black Market) for today, Friday, November 26 sells at N565/1$. The Black market is also referred to as the illegal market as the CBN does not recognize nor regulate their operations.

If you are selling dollar as a blogger or a freelancer who earns in foreign currency, it makes sense for you to sell at the black market as you would get a higher price. You sell at N565/1$ as at against N410/1$ you will get at the official market from your bank.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦413.79/$1 on 26 November 2021 after closing at ₦415.07/$1. Showing a change of 0.06.

According to data from FMDQ, forex turnover stands at $149.53 million.

Meanwhile, the Central Bank of Nigeria (CBN) has revealed that those who violate its Bank Verification Number (BVN) policy will be barred from accessing credit and also from opening new accounts.

The CBN made the announcement in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry.

Mr. Musa Jimoh, Director, Payment System Management Department of the CBN signed the framework which was consequently released in its Update Report Circular.

The CBN also maintained that the new framework has been designed with the effectiveness of customer due diligence and Know Your Customer in mind.

The general public was informed that breaches on the part of customers could see the individual getting barred from entering a new relationship with any bank.

The post Dollar To Naira Black Market Exchange Rate Today 28 November appeared first on AFRICA EXPLAINED.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Tuesday November 25, for $1 dollar to naira = ₦410.79/$1.

According to the data at the FMDQ Security Exchange where forex is traded officially, exchange rate between the naira and the US dollar opened at ₦410.79/$1 on Tuesday 25, after it closed at ₦415.07 to a $1 on Monday, 22 November 2021. Follow the CBN live stream to see how the Naira is performing in real time.

What does the official rate mean?

The official rate is the exchange rate approved by the CBN – the Central Bank of Nigeria is the sole regulator of Naira and determines the exchange rate. About 4 months ago, the CBN banned the activities of Bureu de Change operators and ordered banks to take over the buying and selling of foreign currencies in the country. The CBN is selling FX directly to the banks so they can in turn sell to end users in an attempt to control the price of FX. The price at which the CBN is selling is called the official rate.

To get the official rate, which is much lower than the parallel market rate, you have to go through the licensed commercial banks in the country. It makes sense to buy at the official rate, but if you are selling you might want to consider the parallel market.

How much is exchange rate of Dollar to Naira in Black Market today?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Thursday, November 25 sells at N560/1$, according to sources at Bureau De Change (BDC). The Black market is also referred to as the illegal market as the CBN does not recognize nor regulate their operations.

If you are selling dollar as a blogger or a freelancer who earns in foreign currency, it makes sense for you to sell at the black market as you would get a higher price. You sell at N560/1$ as at against N410/1$ you will get at the official market from your bank.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦413.79/$1 on 23rd November 2021 after closing at ₦415.07/$1. Showing a change of 0.06.

According to data from FMDQ, forex turnover stands at $149.53 million.

Meanwhile, the Central Bank of Nigeria (CBN) has revealed that those who violate its Bank Verification Number (BVN) policy will be barred from accessing credit and also from opening new accounts.

The CBN made the announcement in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry.

Mr. Musa Jimoh, Director, Payment System Management Department of the CBN signed the framework which was consequently released in its Update Report Circular.

The CBN also maintained that the new framework has been designed with the effectiveness of customer due diligence and Know Your Customer in mind.

The general public was informed that breaches on the part of customers could see the individual getting barred from entering a new relationship with any bank.

The post Dollar To Naira Exchange Rate Today 25 November 2021 appeared first on AFRICA EXPLAINED.

The Central Bank of Nigeria (CBN) has postponed the official launch of its controversial digital currency, the eNaira.

According to the CBN spokesperson, Mr Osita Nwanisobi, the decision to postpone the unveiling of the E-naira, scheduled for October the 1st, was made to avoid any distractions from the country’s 61st Independence Day celebration.

Nevertheless, the CBN has assured Nigerians that the bank and other partners are working to ensure a seamless process for the benefit of all.

The eNaira is a central bank digital currency (CBDC) issued by Nigeria’s Apex bank. It is supposed to run on blockchain – the technology that powers most crypto currencies including Bitcoin.

Only two countries in the world have so far issued a digital version of their currency, China and the Bahamas. Nigeria was scheduled to be the third in the world, and first country in Africa to issue a digital currency.

Meanwhile, no new date has been announced for the launch.

The post eNaira: CBN Postpones Launch Of Digital Currency Indefinitely appeared first on AFRICA EXPLAINED.

The Central Bank of Nigeria (CBN) has postponed the official launch of its controversial digital currency, the eNaira.

According to the CBN spokesperson, Mr Osita Nwanisobi, the decision to postpone the unveiling of the E-naira, scheduled for October the 1st, was made to avoid any distractions from the country’s 61st Independence Day celebration.

Nevertheless, the CBN has assured Nigerians that the bank and other partners are working to ensure a seamless process for the benefit of all.

The eNaira is a central bank digital currency (CBDC) issued by Nigeria’s Apex bank. It is supposed to run on blockchain – the technology that powers most crypto currencies including Bitcoin.

Only two countries in the world have so far issued a digital version of their currency, China and the Bahamas. Nigeria was scheduled to be the third in the world, and first country in Africa to issue a digital currency.

Meanwhile, no new date has been announced for the launch.

The post eNaira: CBN Postpones Launch Of Digital Currency Indefinitely appeared first on AFRICA EXPLAINED.