Breaking: Naira fights back, gaining massively at the official window

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Dollar to Naira Black Market Exchange Rate Today , Black Market Dollar To Naira Exchange Rate Today Naira to Dollar

The Naira has fought back, gaining massively at the official window.

The Nigerian currency, the Naira, which is managed by the central bank, has fought back against the United States dollar. The Naira is currently trading today March 24, 2022 at N411/$1 at the official window after opening yesterday at N415.35/$1.

This is good news because it comes just a few weeks after the Central Bank of Nigeria (CBN) changed its rules on how much money you can spend on Naira Debit Cards.

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The monthly cross-border transaction limits for the Naira Mastercard and Naira Credit Card have been reduced from $100 to $50 under the new CBN policy.

On Wednesday, March 23rd, 2022, the official Investors and Exporters (I & E) window exchange rate between the naira and the US dollar closed at N416.67/$.

On Thursday, March 24th, 2022, the Naira strengthened against the US dollar, opening at N411.00/$ and closing at N416.67/$1 on Wednesday. In comparison to the N417/$1 recorded in Tuesday’s trading session, this represents a 0.84 percent increase.

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Meanwhile, the exchange rate at the parallel market recorded a marginal decline of 0.17% . It close at N578/$1 on Wednesday, from N577/$1 recorded in the previous trading session. This is according to the data obtained from BDC operators.

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Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) has stated that the Presidency, not the FCCPC, has the authority to set the price for MultiChoice’s pay television, DSTV, and GOTV services.

 

The South African-owned cable tv company has raised prices for its pay-to-view channels, prompting Nigerians to criticise DSTV and GOTV. MultiChoice has raised subscription fees three times in the last three years.

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The changes were reportedly made shortly after the FCCPC issued operational guidelines regarding lock subscription and free toll lines extensions earlier this week, as reported by .

 

Following the price hike, the FCCPC stated on Wednesday that it has no control over pay television pricing because only companies have the authority to do so, with the exception of presidential intervention and gazetting.

“Although we are unable to regulate price, we have done so in limited circumstances requiring presidential approval and gazetting.” As a result, our order to MultiChoice had no effect on their ability to price their services in a way that was acceptable to both them and their subscribers.” Babatunde Irukera, the Executive Chairman of the FCCPC, stated.

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