Foreign exchange
6 Sep 2023
·CBN to clear backlogs in two weeks, plans clampdown on illegal operators The volume of foreign exchange (FX) currently sitting in local commercial banks is three times what is available in the vault of the Central Bank of Nigeria (CBN), the Acting Governor of the monetary authority, Adebisi Shonubi, has revealed. The volume has placed…
5 Sep 2023
Just 100 days since President Bola Tinubu took up the reins, he may have pulled millions of poor Nigerians below where his predecessor, Muhammadu Buhari, left them on May 29 on the poverty line.
21 Aug 2023
Financial experts said the recent $3 billion emergency crude repayment loan from the African Export-Import Bank (AFREXIM) may not achieve a meaningful result in easing the pressure in the foreign exchange (FX) market unless appropriate measures are adopted.
17 Aug 2023
About 48 hours after President Bola Tinubu and Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, held a crucial meeting on the state of the foreign exchange (FX) market, there is a breather for naira as it recorded a moderate gain trading at about N880/$ at the black market yesterday. Dollar spiked…
14 Aug 2023
Foreign Exchange (FX) Spot and Derivatives markets recorded a turnover of $390.60 million, representing a decrease of 14.18 per cent ($64.52 million) for the week ended August 11, from $455.12 million achieved in the previous week.
9 Aug 2023
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26 Jun 2023
Cost of importing vehicles, including mass transit units, and other imported commodities could increase by as much as 20 per cent in the coming weeks, a direct consequence of last week’s 40 per cent increase in the foreign exchange (FX) rate for clearing operations.
26 Jun 2023
Following the Central Bank of Nigeria’s (CBN) new foreign exchange policy, real estate experts are optimistic that the demand for luxury dollar-priced rental properties may rebound.
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