Forex Review
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
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