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.

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.

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.