FX
1 day ago
The Central Bank of Nigeria (CBN) has disbursed $148 million to 29 authorised dealers to stabilise the foreign exchange market amid the recent decline of the naira. The CBN, in a statement on its website, said the sales occurred on July 22 and 23, 2024, with exchange rates ranging from N1470.00 to N1510.00 per dollar.…
5 Jun
Fitch Ratings has stated that the ongoing foreign exchange (FX) reforms are necessary to boost foreign direct investment (FDI) and foreign portfolio investment (FPI). Director of Sovereigns at Fitch, Gaimin Nonyane, at a presentation on Monday, stated that Nigeria’s current account (CA) will be strengthened by increasing oil refining capacity, but the reforms are still…
3 Jun
After three consecutive weeks of losses, the stock market recorded five straight sessions of gains last week as renewed buying interest in blue chips lifted the all-share index by 1.7 per cent to 99,300.38 points.
2 Jun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the government is working on the economic and investment climate to attract more multinationals into Nigeria. Edun, who was a guest on Channels Television’s Sunday Politics programme, said multinational companies exiting the country did not have a liquid foreign exchange market. He…
22 May
Raising the monetary policy rate by yet another 150 basis points (bps) suggests the Central Bank of Nigeria (CBN)’s appetite for short-term foreign exchange (FX) inflow is far from abating.
29 Apr
The Central Bank of Nigeria (CBN) may have discreetly abandoned the much-commended foreign exchange (FX) rate harmonisation less than a year after the policy direction was announced by the authority, market data have suggested.
19 Apr
The Lagos Chamber of Commerce and Industry (LCCI) is deeply worried about the various economic headwinds confronting the stability of the Nigerian economy.
2 Apr
Unless urgent measures are deployed, the gap in food sufficiency, prices of goods and citizens’ unhealthy lifestyles could be further compounded and dampened as a result of the high customs duty exchange rate.
14 Mar
Despite the abundance of pulp and paper materials (fibrous and non-fibrous), Nigeria’s paper mills remain moribund, forcing the country to spend billions of naira on the importation of papers yearly.
29 Feb
At least over 50 per cent of what Nigeria earns from the sale of crude oil and gas is going into crude production. That translates to an average of $1.7 billion monthly for a country that is in economic mess.
29 Jan
Again, investors have called on the government to save the real sector from total collapse and subsequent erosion of shareholders' funds by finding practical ways to tackle the issue of the foreign exchange (FX) crisis in Nigeria.
25 Jan
To stem the current fall in the value of naira against foreign currencies, especially the United States dollar, financial analysts have advocated for a hike in interest rate on treasury securities.
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