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The Central Bank of Nigeria, CBN, on Monday directed all deposit money banks to immediately commence the sale of foreign exchange to their customers at N360 to the dollar. In a statement by the apex bank spokesperson, Isaac Okoroafor, all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical fees, would henceforth get it at an exchange rate not more than N360 to 1 dollar. The terse statement reads, “The CBN to sell forex to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” the apex bank said on Monday. CBN directs banks to post new rates in the banking halls of their branches immediately. CBN examiners to visit banks to ensure the new rates are implemented. CBN prohibits banks from selling forex funds meant for invisibles to BDCs” The apex bank said it would sell to commercial banks at N357 per dollar and banks are to post the new rates in their banking halls o...

Recession is already here! If the talk of recession gets you worried, it time to recession-proof your finances. I believe we are in a massive recession right now but the media can’t call it that because by definition we aren’t there yet.  A Recession is defined as a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. By the time the media calls it a recession it's already too late—it will be after the fact and you have already been affected. The oil and gas sector has been hammered hard which cause tremendous damage to the banks. Already the oil and gas industry has laid off some 120,000 workers, banks has laid off over 1,000 workers, manufacturing companies are folding up and most are downsizing. These high paying jobs effect everything and every other business. So what do you do to prepare for the recessions? How can you survive and even prosper from a monster recession? Con...