Forex Review
Nigeria’s Foreign Reserves at $32.29 billion, Lowest in 6Years
Nigeria’s foreign reserves have hit a six-year low, dropping to $32.29 billion as of April 15, according to the latest data from the Central Bank of Nigeria (CBN).
This marks a significant decrease from the peak of $34.44 billion, which … Continue Reading
Bureau De Change Operators Urge Central Bank of Nigeria to Lower Exchange Rate Amidst Naira’s Recovery
The Association of Bureau De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to adjust and lower its applicable exchange rate downward below the N1,251/$ it pegged for the Bureau De Change (BDC) operators. … Continue Reading
Nigeria Customs Exchange rate for cargo clearance drop to N1260/$
The Nigeria Customs Services (NCS) has experienced a significant drop in the foreign exchange rate for cargo clearance at ports and other goods entry points, with the rate declining to N1260.49/$ from N1330/$ in recent days.
This decrease represents a … Continue Reading
ABCON Commends CBN’s Decision to Resume Dollar Sales to Bureaux De Change
The Association of Bureaux de Change Operators of Nigeria (ABCON) has lauded the Central Bank of Nigeria (CBN) for its recent decision to resume dollar sales to Bureaux De Change (BDCs). This move has been hailed as a significant … Continue Reading
Naira Surges in Value, Sells for N900 Per Dollar in Lagos Black Market
In a recent turnaround, the value of the Nigerian naira has soared in Lagos and Kwara States, trading between N900 and N1,210 per dollar on the black market on Wednesday.
This remarkable increase comes in the wake of actions taken … Continue Reading
CBN Sells $10,000 to Each BDC at N1,251/$1, Sets Ceiling for Selling Price
The Central Bank of Nigeria (CBN) has taken a decisive step to enhance liquidity in the retail segment of the foreign exchange (forex) market by issuing a circular to Bureau De Change operators (BDCs). In the circular, the CBN disclosed … Continue Reading
CBN Clears $7 Billion FX Backlog as External Reserves Soar to $34.11 Billion
The Central Bank of Nigeria (CBN) announced a significant milestone in its efforts to stabilize the country’s economy as it declared the clearance of all valid foreign exchange backlogs amounting to $7 billion.
Acting Director of Corporate Communications, Mrs Hakama … Continue Reading
Presidency Warns: Dump Your Dollars to Avoid Tears, Naira Set to Appreciate
The Presidency has issued a stern warning to forex speculators, urging them to divest their holdings in dollars. The call comes amidst promising indicators suggesting that the Naira is poised to appreciate in value in the near future.
Bayo Onanuga, … Continue Reading
Nigerian SEC Proposes Significant Fee Hikes for Crypto Service Providers
The Securities and Exchange Commission (SEC) has proposed amendments to the rules governing platforms offering crypto services.
SEC logo
The proposed changes include substantial increases in registration fees for crypto exchanges, from 30 million naira ($18,620) to 150 million naira … Continue Reading
Central Bank of Nigeria Sells Record N1.3 Trillion in Treasury Bills to Bolster Forex Reserves
In a bid to fortify Nigeria’s foreign exchange reserves and stabilize the Naira amidst mounting forex pressures, the Central Bank of Nigeria (CBN) has successfully auctioned a record N1.3 trillion in Treasury Bills, targeting overseas investors.
The sale of Treasury … Continue Reading