Myths About Naira Devaluation

…according to the data, we do not have an import problem… However, we do have an export problem, highlighted by the fact that crude oil accounts for 90% of our recorded exports and crude oil prices are volatile. Recognising this key difference between an import problem and an export problem is very important because it … Continue reading Myths About Naira Devaluation

Nigerian Banks Caught Defrauding Customers Billions With Black Market Rates

Nigerian banks under the watch of Godwin Emefiele-led Central bank have been caught defrauding customers to the tune of billions of dollars via illegal deductions on foreign transactions. Since December 2014, Nigerian banks have charged customers hidden fees on single international ATM withdrawals that convert Naira at the Black market rate and widely above the … Continue reading Nigerian Banks Caught Defrauding Customers Billions With Black Market Rates