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EXPLAINER: How To Use USSD Code For ENaira

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EXPLAINER: How To Use USSD Code For ENaira

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), on Thursday, August 18, 2022, introduced the Unstructured Supplementary Service Data (USSD) code for its digital currency, eNaira.

Newsrand recalls that President Muhammadu Buhari, in October 2021, launched eNaira as Africa’s first Central Bank Digital Currency. However, while the first phase of the launch was focused on banked users, the second phase borders on financial inclusion.

Talking about eNaira, Emefiele stated that “as captured in the design paper released, eNaira is a journey, not a one-time event. This hackathon event is a continuation of that journey and the first among many to come given that the future of central banking is inextricably bound in innovation.

“We don’t have a choice but to live with the fact that we are now in a digital economy. In a digital space where the use of cash will dissipate to almost zero and the use of digital currency will increase and will now become part of our lives.

“The second phase of the project has begun and is intended to drive financial inclusion by onboarding the unbanked and the underserved users leveraging offline channels. Hence greater success is envisioned for the project with phase two expected to deliver more gains with the target of eight million users based on estimation using the diffusion of innovation model.”

Tips to use USSD code for eNaira

First, it is important to note that the USSD code is usually programmed into Subscriber Identification Module (SIM) cards or cell phones to transact easily and faster.

But to use the USSD code for eNaira, dial *997# on your mobile phone and follow the instruction.

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Economy

Dollar To Naira Exchange Rate Today (Wed. Sept. 28, 2022)

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Dollar To Naira Exchange Rate Today (Wed. Sept. 28, 2022)

Dollar to naira, on Wednesday, September 28, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N431.33 per $1 on Monday, September 26.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira last traded between N715 and N722 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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Economy

CBN Increases Interest Rate For 3rd Time This Year

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CBN Increases Interest Rate For 3rd Time This Year

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 14 percent to 15.5 percent, the third consecutive increase in 2022.

In July, the apex bank raised the MPR from 13 percent to 14 percent to tame rising inflation.

MPR is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

Addressing journalists on Tuesday, September 27, after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said 10 members of the committee voted for the rate hike.

The committee also raised the cash reserve ratio (CRR) to 32.5 percent from 27.5 percent. CRR is the share of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash.

He said the aggressive rate hike would shape the country’s economic growth.

According to him, the committee voted to retain the asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio to a minimum of 32.5 percent.

“It was of the view that with the aggressive policy normalisation of the economies, losing the stance of policy will result in a sharp decrease of exchange rate leading to further hikes that will be afloat,” he said.

Also, it will help consolidate the impact of the last two policy rate hikes which is already reflected in the slowing growth rate of oil supply in the economy. We also understand that an aggressive rate hike will slow capital outflows and likely attract capital inflows and appreciate naira.

We will keep increasing the interest rate to reduce the high effect of inflation.

In August, Nigeria’s annual inflation rate climbed to a 17-year high of 20.52 percent as the high cost of food items continues to affect citizens.

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Economy

Dollar To Naira Exchange Rate Today (Tue. Sept. 27, 2022)

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Dollar To Naira Exchange Rate Today (Tue. Sept. 27, 2022)

Dollar to naira, on Tuesday, September 27, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N431.33 per $1 on Monday, September 26.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira last traded between N715 and N720 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

Continue Reading

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