The Central Bank of Nigeria (CBN) has announced plans to offer foreign exchange worth $20,000 to any eligible Bureau De Change operator across the country. This comes more than two years after suspended former CBN governor Godwin Emefiele prohibited the sale of foreign exchange to BDC operators in that area of the FX market. The … Read more
The Central Bank of Nigeria (CBN) has released an Exposure Draft of the Risk-based Cyber Cyber-security Framework and Guidelines for Deposit Money Banks (DMBs) and Payment Service Banks (PSBs) in an effort to manage technology platforms and infrastructure used in the operation of banks and other financial institutions. The CBN’s Acting Director of Banking Supervision, … Read more
On Monday, the naira rose further to N1,650 per dollar in the parallel foreign exchange (FX) market. The naira appreciated by 6.78 percent, reflecting a N120 reduction from the N1,770/$ exchanged on February 23, 2024. Bureau De Change (BDC) operators in Lagos set the purchase price for the dollar at N1,650 and the selling price … Read more
The parallel section of the foreign exchange market recorded a new all-time low on Monday after the naira depreciated to N1,730 per dollar. The naira fell by 8.13 percent from N1,600/$ recorded on February 16, 2024. Currency traders at the street market quoted the buying price of the dollar at N1,700 and the selling price … Read more
On the parallel market, Nigeria’s local currency, naira, is currently exchanging for more than 2,000 naira versus the British pound. On Monday, a bureau de change operator in Wuse Zone 4, Malam Ibrahim, confirmed the prices. He stated, “Yes, it is true; we are currently selling pounds for more than N2,000, and the heavy and … Read more
On Monday, the naira hit a fresh all-time low of N1,534 per dollar on the official Nigerian Autonomous Foreign Exchange Market. This represents a 3.93 percent drop, or N58, from the N1,476.13/$ the national currency closed last week Friday, according to FMDQ Exchange, a portal that publishes official foreign exchange transactions in the country. The … Read more
On Wednesday, the Nigerian naira dropped to N1,500 in the parallel market. The rate is 3.45 percent lower than the N1,450 per dollar recorded on Monday. Currency traders in Lagos, also known as Bureau De Change operators (BDCs), quoted the buying rate of the greenback at N1,490 and the selling price at N1,500 — leaving … Read more
On Wednesday, the House of Representatives discovered that five banks were withholding $5 billion in forex. Worried about the country’s foreign exchange market instability, the House directed the joint Committees on Banking Regulations and Banking Institutions to hold an investigative hearing into banks and financial institutions’ failure to comply with CBN directives on Net Open … Read more
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says that for the first time in a long while, Nigeria’s volume of transactions in the exchange market rose to $800 million. He stated this while addressing members of the House of Representatives at the sectoral debate on the economy. “We are not a … Read more
The naira appreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official window, on Monday. Naira rose by 1.06 percent to close at N1,419.86 to a dollar — from N1,435/$ recorded at the close of trading last Friday. According to data on FMDQ Exchange, a platform that oversees official FX trading in Nigeria, … Read more