An economist, Muda Yusuf, has asked the Central Bank of Nigeria (CBN) to invite companies that have been affected by the $2.4bn unresolved matured foreign exchange forward contracts. According to the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), it is only fair for the apex bank to allow the…

The Naira appreciated further at the official market on Monday, trading at N1,497.11 against the Dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N3.62. This marks a 0.24 per cent increase compared to Friday, Feb. 21, when the local currency closed at N1,500.73 to the Dollar. The Naira…

With a fresh policy underway to ban the use of foreign currency for local transactions, there are concerns that the proposed legislation will inhibit foreign direct investments and trigger ‘black market’ transactions in the real estate market

Stakeholders at the Abuja Chamber of Commerce and Industry (ACCI), on Tuesday, raised concerns over the loopholes in the policy direction of President Bola Tinubu as well as the foreign exchange crisis and other issues that could have been better managed by the Central Bank of Nigeria (CBN).

Data from the Manufacturers Association of Nigeria (MAN) has suggested that the challenges facing the manufacturers may not be abating anytime soon. 

The Central Bank of Nigeria (CBN) has banned the negotiation of exchange rates with customers outside of the foreign exchange market.

Despite the announcement of an interest rate hike by the Central Bank of Nigeria (CBN) on Tuesday, the naira appreciated to N1, 659.44 against the US dollar. Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed a N16.88 gain against the dollar from the N1, 675.62 it traded at on Monday. A look at…

To achieve sustained economic prosperity and overcome current challenges such as foreign exchange market illiquidity, rising inflation, and sluggish economic growth, Nigeria must implement strategic measures. Specifically, the country's path to economic sustainability lies in increasing domestic production and exports and less reliance on imported goods. Economic experts unanimously agreed on this strategy, as stressed…

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.

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…

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.

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.