Naira may be on course to regain N1000/$ (an exchange rate though implausible as early as a month ago) in the near time if the current bullish outlook of the market is sustained.

Foreign exchange (FX) spot and derivatives markets turnover for the week ended April 5, 2024, was $918.15 million, representing a decline of 52.9 per cent ($1,030.53 million) from $1,948.68 million recorded on March 28, 2024.

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has revealed that law enforcement agencies have begun an investigation into the $2.4 billion worth of unauthorized foreign exchange (FX) transactions. Cardoso made this disclosure while addressing the media during the 294th meeting of the Monetary Policy Committee (MPC) in Abuja on Tuesday. Cardoso…

Foreign Exchange spot and derivatives markets recorded a turnover of $1,641.18 million for the week ended March 22, 2024, representing an increase of 85.6 per cent ($756.88 million) from $884.3 million achieved in the previous week.

It is no longer news that the continued collapse of the naira in the foreign exchange (FX) market is already eliciting desperate and panicky measures from the monetary authorities.

After a riotous February, naira seems to be on a new price-discovery path even as multiple estimates agree the currency is currently trading below its “fair value”, suggesting a significant appreciation that will raise the exchange rate to about N1400/$ before the end of the year.

The protracted foreign exchange (FX) crisis has found expression in computer hardware and software, cutting consumer electronics importation by as much as 45 per cent.

In response to the suspension of Guaranty Trust Bank (GTB) Ghana's Foreign Exchange (FX) trading license by the Central Bank of Ghana, the bank has assured customers and stakeholders of ongoing efforts to swiftly address trade-related issues.

The frequent hikes of the import duty rate may have triggered a major crisis at the Nigerian ports as an increasing number of Nigerian importers are routing their cargoes to Tema, Ghana; Lome, Togo and Cotonou, the Republic of Benin.

The parallel section of the foreign exchange market recorded a new all-time low on Monday after the naira depreciated to N1,730 per dollar. The naira fell by 8.13 percent from N1,600/$ recorded on February 16, 2024.

Consumer price level is projected to settle at 30.34 per cent year-on-year (y/y) in February 2024. According to analysts at Cordros Capital Research, the impact of the heightened conflicts in the North and the rising transport costs

Akin to a runaway chemical reaction whose kinetics and results are uncontrollable, Nigeria is contending, metaphorically, with a runaway economy, in topsy-turvy, characterised by foreign exchange volatility and attendant inflationary pressure on costs of goods and services.