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The Black-Market exchange rate of the naira to the U.S. dollar is approximately ₦752.50 per 1 US dollar. [when?] [68] According to a recent (June 2024) report by Naija News, the parallel market exchange rate of the naira to the U.S. dollar is around ₦1483 per 1 USD, significantly higher than the official Central Bank of Nigeria rate. This ...
Flutterwave was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya and is headquartered in San Francisco, California with current operations in the U.S., Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries.
Olugbenga Agboola OON (born 1985 [1]) is a Nigerian software engineer, entrepreneur, and business leader.He is the CEO and co-founder of Flutterwave, [2] [3] [4] Vice Chairman of the U.S.-Africa Business Center Board, [5] and a member of prominent business organizations including the Milken Institute Africa Business Leaders Council, [6] the Wall Street Journal CEO Council, [7] and the Fast ...
In 2016, the black-market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% "premium" to be paid to central bank officials to get dollars. [156]
The official exchange rate in Nigeria of the Naira to foreign currencies is set by the Nigerian Central Bank, [4] and thus not by forex markets. The central bank tends to devalue the Naira against other currencies. This devaluation is a factor that causes Nigerians to look elsewhere to preserve the value of the money they earn.
Iyinoluwa Samuel Aboyeji OON (born March 28, 1991) is a Nigerian entrepreneur. He is the co-founder of Andela , and the former managing director of Flutterwave . [ 1 ] [ 2 ] Aboyeji was cited as one of the Top 100 most influential Africans by New African magazine in 2019.
After participating in the #EndSARS protest, he left Nigeria in 2020 when multiple threats were made against him. [21] [22] He was granted asylum and refugee status in Ghana in 2022. [22] Hundeyin is a supporter of Peter Obi, who ran against Tinubu in the 2023 presidential race. [23]
eNaira is a Central bank digital currency issued and regulated by the Central Bank of Nigeria. [1] It was the first of its type in Africa. [2] Denominated in naira, the eNaira serves as both a medium of exchange and a store of value and claims to offer better payment prospects in retail transactions when compared to cash. [3] [4] [5]