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
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has explained that the move to relocate departments and personnel in the bank’s headquarters in Abuja to other branches is due to “overpopulation”. Cardoso spoke on Monday during an interview on Arise Television. When asked if the CBN headquarters is over-populated, Cardoso said: “It is over-populated” adding … Read more
Central Bank of Nigeria (CBN) Governor Yemi Cardoso stated that the apex bank uncovered $2.4 billion in invalid foreign outstanding claims, which are squeezing the naira and causing anxiety in the currency market. Cardoso confirmed this in an interview with Arise Television on Monday. According to Cardoso, this was discovered during an audit by the … Read more
The naira, on Wednesday, crossed the N1,500 mark at the parallel section of the foreign exchange (FX) market. The value of the naira fell to N1,530 against the dollar an all-time low in the parallel market. This is a 4.08 percent decline compared to the N1,470/$ reported the previous trading day. Currency traders, also known … Read more
Bureau De Change (BDC) operators have announced shut down of operation in Abuja as a result of unavailability of dollars. Chairman of the Association, Mallam Abdulahi Dauran, announced this in the nation’s capital, on Wednesday. He attributed the development to online business transaction and cryptocurrency. Daurau said the closure of business would take effect from … Read more
On Tuesday, the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official window, saw a further depreciation of the naira to N1,482.57 versus the US dollar. The naira continued to fall at the end of trading, down 9.93 percent from the N1,348.63/$ posted on Monday. Before closing at N1,482.57, the dollar saw trading as … Read more
The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified claims by airlines with an additional $64.44 million to the concerned foreign aviation firms. Hakama Sidi-Ali, CBN acting director of corporate communications disclosure this on Tuesday. Sidi-Ali said the latest amount paid to the airlines brought the total verified sum … Read more
The Central Bank of Nigeria (CBN) has injected an additional $500 million into the market to resolve the continuing backlog of confirmed foreign exchange (forex) transactions. This comes only a week after the bank infused nearly $2 billion to satisfy outstanding commitments in the manufacturing, aviation, and petroleum sectors. Mrs. Hakama Sidi Ali, Acting Director … Read more
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said that the apex bank is working to reduce the headline inflation rate to 21.4 per cent this year. Cardoso gave this assurance in a keynote address at the launch of the Nigeria Economic Summit Group 2024 Economic Outlook report. The inflation rate … Read more
The Central Bank of Nigeria, CBN, has discovered widespread abuse and serious noncompliance with the country’s foreign exchange market regulations. In a statement issued Wednesday night, the apex bank said that appropriate fines would be imposed in consultation with competent agencies. The CBN Acting Director of Communication, Mrs. Sidi Ali, who signed the statement, said … Read more