FX
13 Nov
With summer holidays and foreign school tuition payment pressure now at their tail ends, market analytics have suggested that the bleeding naira may have a breather ahead.
11 Nov
A businessman, Abdullahi Abiola, has urged the Central Bank of Nigeria (CBN) to clear matured FX forward contracts to banks and manufacturers to avert the collapse of struggling businesses and the attendant economic implications, including unemployment. He also urged President Bola Tinubu and Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to…
31 Oct
The crisis facing the fast-moving consumer goods (FMCG) segment may not abate any time soon as two firms under the sector incurred a foreign exchange (FX) loss of N300 billion in their nine months of operations.
28 Oct
Succour is yet to come the way of investors that have staked their funds in manufacturing firms under the brewery sector of the Nigerian Exchange Limited (NGX) as the foreign exchange crisis and other macro-economic challenges continue to affect their loss position as shown in the third quarter (Q3) financials.
28 Oct
Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, are optimistic that ongoing efforts will flip the foreign exchange (FX) soon and see the naira gaining significantly against the dollar.
23 Oct
Lingering uncertainty, insecurity, sustained foreign exchange liquidity challenge and other macroeconomic hitches, have continued to depress foreign investors’ appetite for stocks, even as participation in the local bourse decreased by 27.9 per cent in one month from August 2024 to September 2024.
21 Oct
Due to the scarcity of foreign exchange (FX), hike in tariffs, increase in import duty, and other related taxes, automobile dealers have lamented their inability to import fairly used cars into the country. This is even as they have now resorted to recycling Nigerian used cars, while others have abandoned the automobile business entirely. Speaking…
20 Oct
This is obviously not the best of times for President Bola Tinubu who since assuming office on May 29, 2023 has turned a globetrotter in search of foreign investors. For records, within his first year in office the president has made at least six foreign trips to countries like France, the United Kingdom, Guinea-Bissau, Kenya,…
5 Oct
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks and other foreign exchange market participants to submit compliance reports regarding the FX Code by December 31, 2024. The CBN issued this directive to strengthen the integrity and efficiency of Nigeria's foreign exchange market and ensure alignment with global standards. The FX Code, effective…
4 Oct
Arewa Consultative Forum (ACF) Chieftain and ex-Secretary General of the Northern group, Elder Anthony Sani, has applauded President Bola Tinubu over his exchange rate policy, saying it has prevented the nation's economy from total collapse. According to him, the previous governments of Muhammadu Buhari and Goodluck Jonathan sustained the Nigerian exchange rates artificially, which hindered…
25 Sep
The Manufacturers Association of Nigeria (MAN), Cross River and Akwa Ibom branches have decried the instability and volatility of foreign exchange in the country, describing it as a major threat to their operations.
19 Sep
Rising inflation, foreign exchange (FX) crisis, business climate uncertainty and other macroeconomic challenges, which have severely battered the balance sheet of listed companies pushed seven corporates to opt for fresh capital raising of up to N1,300 trillion in nine months to shore up capital deficit.
Latest
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Sudan's army chief Abdel Fattah al-Burhan on Tuesday rejected "any foreign interference" in the country's war, a day after Russia vetoed a UN Security Council resolution calling for a ceasefire. Speaking at an economic conference in Port Sudan, Burhan dismissed "dictates aimed at forcing solutions upon us that we do not accept" and praised Russia's…
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Minister of the Federal Capital Territory (FCT) Nyesom Wike, has approved N1.1 billion for payment of compensation to owners of properties affected by the ongoing construction of Airport Road to Kuje expressway. Wike disclosed this in Abuja on Tuesday, after he inspected the structures, comprising about 13 buildings, including some factories along the road corridor,…
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The mausoleum where the scant remains of DR Congo's fiery independence hero, Patrice Lumumba, are interred has been vandalised, the culture ministry said Tuesday. A tooth is all that is left of the anti-colonialist icon and first prime minister after the country gained independence from Belgium in 1960. "An act of vandalism took place on…
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A Russian court Tuesday sentenced a man to over 14 years in prison for "sabotage" after he allegedly set fire to railway equipment. Russia has issued heavy penalties to those suspected of sabotage on Kyiv's orders in retaliation for Moscow's offensive in Ukraine, often by damaging railway infrastructure. Maxim Bubenshchikov, 43, from Saint Petersburg was…
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A Spanish court on Tuesday said it was investigating the US hedge fund Gotham City for allegedly publishing "misleading" information about Spanish pharmaceutical firm Grifols, causing its shares to plunge. Gotham City released a research note in January accusing the Barcelona-based company, which makes blood plasma-based medicines, of "manipulating" its reported debt and operational results…
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The Federal Government has emphasized the importance of reviewing the National Migration Policy to enhance migration governance and management in Nigeria. Alhaji Tijani Ahmed, the Federal Commissioner, National Commission for Refugees, Migrants and Internally Displaced Persons (NCFRMI), stated this at a three-day meeting of the Technical Working Group on Migration and Development on Tuesday in…
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Chinese leader Xi Jinping called for Beijing and Berlin to develop ties with a "strategic" and "long-term" perspective Tuesday as he met with German Chancellor Olaf Scholz in Rio de Janeiro, state media said. "China and Germany are both major countries with significant influence," Xi told Scholz on the sidelines of the G20 summit, according…
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The Society of Cosmetic Scientists Nigeria (NICOS) has deplored the country's underperformance in the cosmetics market globally, noting that
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An Ikeja Chief Magistrates’ Court, on Tuesday remanded a 13-year-old boy (name withheld) in a corrections facility for allegedly defiling a two-year-old girl. The teenager is standing trial on a one count charge of defilement. He however, pleaded not guilty to the charge. The Magistrate, Mrs Ejiro Kubeinje, ordered the remand of the teenager in…