Forex Review
Naira appreciates to N1,510/$ in parallel market
The Nigerian currency, Naira, experienced a mixed performance in the foreign exchange market yesterday, appreciating in the parallel market and depreciating in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
According to data from FMDQ, the Naira strengthened to … Continue Reading
Forex Gain Now Major Source Of FAAC Revenue – Report
A recent report by the think-tank organisation, Agora Policy, has revealed that exchange gains have become a significant source of revenue for the Federation Account Allocation Committee (FAAC). The report, titled “How Exchange Gain Became a Major Source of … Continue Reading
EFCC Bans dollar transactions, Asks embassies to charge in naira
The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to foreign missions operating in Nigeria, prohibiting them from conducting transactions in foreign currencies and mandating the use of the Naira in their financial dealings.
This directive, aimed … Continue Reading
naira now world’s worst performing currency -bloomberg
Nigeria’s currency, the naira, has recently experienced a significant downturn, emerging as the worst performing currency globally over the past month, as reported by Bloomberg.
The latest report underscores the mounting pressure on the Central Bank of Nigeria (CBN) … Continue Reading
Nigeria Customs Service Increases Foreign Exchange Rate for Import Duties to N1,441.58/$
The Nigeria Customs Service (NCS) has announced a hike in the foreign exchange (FX) rate for import duties to N1,441.58 per dollar, marking a 4.94 percent increase compared to the previous rate of N1,373.64/$ adopted on May 1.
This adjustment … Continue Reading
Naira Further Depreciates to N1,300/$ In Foreign Exchange Markets
In the latest developments in the Nigerian financial landscape, the Naira has witnessed a notable depreciation against the US dollar, surpassing the parallel market rate by a significant margin. According to data sourced from the Nigerian Foreign Exchange Market (NAFEM)… Continue Reading
Naira’s Remarkable Turnaround: CBN Governor Cardoso’s Insights into Nigeria’s Currency Journey
In an exclusive interview conducted during the IMF/World Bank Spring Meetings in Washington DC, Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), provided valuable insights into his vision for shaping Nigeria’s monetary policy, addressing foreign … Continue Reading
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