President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project by Shell and its partners. The President also directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s...
foreign exchange
Nigeria’s external reserves have surged past the $45 billion threshold for the first time in over six years, fresh data from the Central Bank of Nigeria (CBN) reveals. The reserves now stand at $45.04 billion, a level last achieved on July 23, 2019, The CBN reports revealed that this...
President Bola Ahmed Tinubu said on Tuesday in Abuja that the revenue target for 2025 was achieved in August, following economic reforms focused on stimulating the non-oil sector. He said that the bulk of the revenue came from the non-oil sector. The President assured Nigerians that the Renewed Hope...
Central Bank of Nigeria (CBN) Governor, Mr. Yemi Cardoso, attributed the reduction in June’s headline inflation to stabilized energy prices and a steady foreign exchange market. Speaking in Abuja on Tuesday during the presentation of the 301st Monetary Policy Committee (MPC) communiqué, he highlighted key factors influencing the economy....
By MBAFAN ADE, Abuja – Naira has continued its upward trend, appreciating by N12.34 against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira traded at N1,553.11 per dollar on Thursday, representing a 0.79% gain from Wednesday’s rate...
The Naira appreciated by ₦4.59 against the U.S. Dollar on Thursday, closing at ₦1,586.15 at the official foreign exchange market. Data from the Central Bank of Nigeria’s website showed that the Naira recorded a 0.28 per cent gain, indicating a slight but consistent upward trend. On Wednesday, the local...
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria National President, PETROAN, Dr Billy Gillis-Harry, while reacting to recent development in the oil and gas sector...
A financial expert, Prof. Uche Uwaleke, has said the current size of Net Foreign Exchange Reserves (NRER) at 23.11 billion dollars will positively impact on the value of the Naira. Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi, is also the President of the Capital...
The Central Bank of Nigeria (CBN) on Friday supplied a total of $197.71 million to the foreign exchange market through sales to authourised dealers. The apex bank’s Director of Financial Markets Department, Dr Omolara Duke, disclosed this in a statement on Saturday in Abuja. She noted that the intervention...
The Central Bank of Nigeria (CBN) has issued new guidelines restricting Bureau de Change (BDC) operators to purchasing foreign exchange from a single authorised dealer per week. The bank also directed the BDCs to comply with Know Your Customer (KYC) measures. The apex bank, in a circular signed by...
The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators until May 30. This aims to better serve retail market demands. The bank disclosed this in a circular, signed by Dr W. J. Kanya, Acting Director of the Trade...
The Naira depreciated at the official market on Monday, trading at N1,495.60 to a dollar. Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira lost N20.82. This represents a 1.4 per cent loss when compared to the previous trading day on Friday, Jan. 31,...
The Tinubu Media Support Group (TMSG) has described the Nigeria Foreign Exchange code (FX code) as the beginning of a new era of regulation in the country’s foreign exchange market. In a statement on Sunday by Mr Emeka Nwankpa, its Chairman, TMSG maintained that the new regulations would prevent...
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, on Tuesday unveiled a new Foreign Exchange (FX) Code to the market. At the event in Abuja, Cardoso stated that it would establish clear and enforceable standards for ethical conduct, transparency, and good governance in the foreign exchange...
The African Development Bank (AfDB) has provided key insights into how Nigeria and other African nations can address their growing debt burdens and foreign exchange challenges. The Bank’s Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama, told the News Agency of Nigeria (NAN) that strategic borrowing and...
The Central Bank of Nigeria (CBN) has assured that the Naira’s true value will be restored with the introduction of an electronic FX matching system, which has proven effective in other markets. The Governor of CBN, Olayemi Cardoso, gave the assurance on Friday night during the 59th annual bankers...
The Central Bank of Nigeria (CBN), has announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM). According to a statement issued by Omolara Duke, the Director, Financial Markets Department , the EFEMS will be implemented...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has approved 20,000 dollars each for eligible Bureaux De Change (BDCs) at the rate of N1,580 to a dollar. The Acting Director, Trade and Exchange Department, Dr. Williams Kanaya, disclosed this in a statement on Saturday in Abuja....
The 20-billion-dollar Dangote refinery investment with 650,000 barrel capacity per day will undoubtedly boost Nigeria’s foreign exchange. Equally, the project is expected to reduce the pressure on foreign exchange drastically if sales of crude oil to Dangote are dominated by local currency. Industry observers are of the notion that...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has offered 876 million dollars to the foreign exchange (fx) markets to fulfil bids submitted by customers at an auction concluded on Wednesday. The CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement...