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...
forex
Naira has appreciated by N3.42 against the US dollar at the official market, amid praise from the International Monetary Fund (IMF) for the Central Bank of Nigeria’s (CBN) foreign exchange (FX) reforms. According to data from the CBN website, the Naira traded at N1,526.15 to a dollar on Wednesday,...
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 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 National Chairman of the Social Democratic Party (SDP), Shehu Gabam, says the economic policies of President Bola Tinubu may be his greatest undoing if he tries to be reelected in 2027. Gabam listed some of the unpopular policies of the Tinubu administration including the sudden removal of petrol...
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 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...
By MBAFAN ADE, Abuja- The Central Bank of Nigeria (CBN), has called on members of the public to be cautious of SWIFT Messages on foreign exchange remittances to their Nigerian bank accounts NATIONAL ACCORD reports that SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging network used...
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), on Tuesday said it has recorded a significant increase in remittance inflows of 553 million dollars in July. The CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, who disclosed this in a statement, said the all-time high remittances...
The Central Bank of Nigeria (CBN) on Thursday directed Bureau De Change (BDCs) operators to sell forex at a maximum profit margin of 1.5 per cent, aiming to correct market distortions. The bank, in a circular to BDC operators and the public, which was signed by Aliyu Mahdi,...
The Democratic Front once again commend the President and Commander-In- Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR, for achieving yet another milestone in the efficient use of savings from the petroleum subsidy withdrawal. The payment of the accumulated power...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has warned bank customers to desist from using foreign currency as collateral for Naira loans. The CBN Acting Director, Banking Supervision Department, Adetona Adedeji, gave the warning in a statement on Monday, in Abuja. Adedeji said that...
An Oil and Gas expert, Mr Emmanuel Iheanacho, has said the improvement observed in the value of the naira, would not bring about an automatic reduction of petroleum pump price. Iheanacho, Chairman, Integrated Oil and Gas Ltd, said in an interview with the News Agency of Nigeria (NAN)...
The Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs of s$7 billion have now been settled, fulfilling a key pledge of its Governor, Mr. Olayemi Cardosoo. In a statement on Wednesday, the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, in...
The Central Bank of Nigeria (CBN) has reported a significant increase in foreign exchange inflow into the economy in February. Acting Director, Corporate Communications Department of the CBN, Mrs Hakama Sidi, said this in a statement on Friday in Abuja. Sidi said that the upsurge in forex...