The Central Bank of Nigeria (CBN) received a total bid valued at $1.18 billion from 32 authorised banks in its revived retail Dutch Auction System (rDAS) but accepted a total bid valued at $876.26 million from 26 banks.

With over N1 trillion loss suffered by stock market investors in July, shareholders have urged the Federal Government to create grant incentives to listed firms to halt the slide.

The Central Bank of Nigeria (CBN) says it has concluded plans to undertake a Retail Dutch Auction System (DAS) to mitigate foreign exchange demand for eligible transactions through authorised dealers. The bank, in a recent circular, directed all deposit money banks (DMB) in the country to furnish it with a comprehensive list of outstanding legitimate…

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.…

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…

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.

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…

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.

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.

The Lagos Chamber of Commerce and Industry (LCCI) is deeply worried about the various economic headwinds confronting the stability of the Nigerian economy.

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.

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.