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Yesterday, the Naira fell to N1,590 per dollar in the parallel market, down from N1,580 per dollar on Monday. Likewise, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,582.09 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,582.09 per dollar from N1,570.99 per dollar […]
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The Central Bank of Nigeria has continued with more of its foreign exchange reforms with the sales of $20,000 to each qualified Bureau De Change (BDC) operator across the nation. This move marks a pivotal shift from the stance taken more than two years ago by the then CBN Governor, Godwin Emefiele, who halted forex […]
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The Central Bank of Nigeria (CBN) has mandated that vendors providing foreign exchange (FX) amounts of $10,000 and beyond to Bureau De Change (BDC) operators must disclose the source of the forex. The apex bank made this known on Friday in a document titled ‘Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in […]
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The Nigerian naira, gained against the US dollar on Wednesday despite the country’s soaring inflation rate. According to data from FMDQ, the Nigerian firmed against the Dollar to N818/$1 on Wednesday compared to N850.22/$1 exchanged on Tuesday. The figure represents a N31.23 gain compared to the exchange rate on the previous day. Meanwhile, at a […]
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Nigeria’s currency, the naira, on Thursday, appreciated against the US Dollar in the foreign exchange markets. Data from the official FMDQ market indicated that the Naira closed on Friday at 780.14 Naira per US Dollar, representing a decrease of 216.61 Naira from the previous day when it traded at 996.75 Naira per US Dollar. In […]
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Reports the Central Bank of Nigeria (CBN) has reportedly launched a campaign to track down influential Nigerians said to be responsible for the depreciation of the Naira against the Dollar. A source is said to have told Daily Post on Thursday (today) that the apex bank has vowed to clamp down on some high profile […]
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The Central Bank of Nigeria (CBN) has directed commercial banks to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The directive was given in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa. The apex bank ordered commercial banks to implement the directive immediately.Forex […]
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Reports have emerged on the policies the Central Bank of Nigeria (CBN) plans on implementing to stop the continuous slide of the naira against the dollar. The Nation quotes a CBN board member as saying that top on these plans is to flood the market with dollars. The source who spoke on conditions of anonymity […]
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The (CBN) has announced a number of immediate changes to operations in the Nigerian Foreign Exchange (FX) Market. In a statement on Wednesday signed by the director, financial markets department, Angela Sere-Ejembi announced, the apex bank said that the cessation of the RT200 rebate scheme and the Naira4Dollar remittance scheme, with effect from June 30. […]
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The Naira has crashed against the dollar at the official investor and exporter window to exchange N664.04/$1 on Wednesday. The development follows the decision of the Central Bank of Nigeria to allow commercial banks and dealers to sell forex at market-determined rates. Data from the FMDQ where forex is traded by investors and exporters closed […]
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