Forex Review
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.
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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
Binance Ceases NGN Services in Nigeria Amid Regulatory Disputes
Binance, a prominent global cryptocurrency exchange, has announced the termination of all services involving the Nigerian naira (NGN) in Nigeria. The decision comes amidst ongoing regulatory disputes with the Nigerian government and accusations of forex market manipulation and illicit fund … Continue Reading
Bitcoin Hits New All-Time High, Surpassing $69,000
In a historic moment for the world of cryptocurrency, Bitcoin reached a new all-time high on Tuesday afternoon, surpassing the previous record set in November 2021. The price of Bitcoin soared to an unprecedented $69,170.63, exceeding the previous high of … Continue Reading
Gold Hits All-Time High Amid Geopolitical Tensions and Rate Cut Bets
The price of gold surged to an all-time high on Monday. Gold futures for April delivery rose by 1.4 percent to reach an impressive $2,125.65 per ounce, while spot gold settled at a record $2,126.30 per ounce, marking a 0.5 … Continue Reading
USD Supply Surges to $296 Million as Naira Gains Momentum Against Dollar in Forex Market
In Nigeria’s foreign exchange with Naira against dollar, the supply turnover of the US dollar surged to $296.00 million at the close of trading on Friday, as reported by FMDQ data. This surge marks a notable increase from the $217.14 … Continue Reading
Today Exchange Rates: Naira Appreciates to N1460 Per Dollar in Black Market
The Nigerian Naira has seen an appreciation today February 28, 2024, gaining against the US dollar and selling at N1460 to a dollar in the black market.
The black market rate is subject to certain factors like Supply and demand … Continue Reading