In a recent report by the Economist Intelligence Unit (EIU), questions have been raised about the Central Bank of Nigeria’s (CBN) financial capacity to settle the $6 billion forex backlogs […]
Tag: forex
NLNG attributes high cooking gas prices to forex factors
The recent spike in cooking gas prices is primarily attributed to factors such as vessel scarcity, fluctuations in foreign exchange rates, and soaring oil prices, according to Nigeria Liquefied Natural […]
Dangote and BUA point fingers in dispute over forex probe allegations
Dangote Industries Limited and BUA Group have become embroiled in a dispute over allegations that Dangote was being investigated for illegal foreign exchange dealings. Dangote Group vehemently denied these allegations, […]
Naira bounces back as CBN resolves forex debt backlog
The Nigerian naira has exhibited a positive trend, strengthening to N1,120 against the US dollar in response to news that the Central Bank of Nigeria (CBN) initiated the clearance of […]
Domestic airlines call for jet fuel import license and forex access
In a meeting held on Monday, domestic airlines, operating under the umbrella of the Airline Operators of Nigeria (AON), urged the Federal Government to permit AON to obtain the necessary […]
Clearing forex backlog vital for restoring naira confidence – Lemo
Former Deputy Governor of the Central Bank of Nigeria, Dr. Tunde Lemo, has cautioned against adopting a free-floating exchange rate system for the Nigerian naira. The event, titled ‘Persistent unstable […]
Foreign exchange turnover on FMDQ reaches N22 trillion in seven months
The FMDQ, between January and July 2023, recorded a total foreign exchange turnover of N22.98tn ($44bn), as reported in the August edition of the FMDQ Spotlight, a monthly publication issued […]
Vice chancellors clarify payments for forex amid probe, deny bribery allegations
The Committee of Vice Chancellors of Federal Universities has vehemently denied any involvement in bribery related to the House Committee’s investigation into job racketeering within Ministries, Departments, and Agencies. The […]
CBN commits to addressing forex pressure, raises lending rate
The acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has expressed the bank’s commitment to tackle the mounting demand pressure on the country’s exchange rate as the naira […]
Forex shortage worsens, dollar hits N876
The Nigerian naira sustained its downward trajectory against the US dollar, reaching 876/$ in the parallel market on Sunday, as reported by Bureau de Change (BDC) operators. Just a week […]
Clearing agents abandon land borders due to soaring charges and forex rates
Many clearing agents who previously operated at the borders have abandoned land borders following the reopening ordered by former President Muhammadu Buhari, according to recent findings. Buhari had ordered the […]
Nigerian capital market faces unprecedented decline in foreign investor appetite amidst market uncertainty and forex challenges
A sharp decline in foreign appetite for the Nigerian capital market has been attributed to various factors such as market uncertainty, political risk, and foreign exchange illiquidity. Over the past […]
Nigeria’s Forex reserves plunge $1.82bn in four months, raising economic concerns
Over the last four months, Nigeria’s foreign exchange reserves have decreased by $1.82 billion, according to official data and reports. The forex reserves have been on a downward trend since […]
Importers and traders in fish business chain lament forex restrictions on fish importation
The fish business value chain in Nigeria is facing difficulties due to the foreign exchange (forex) restriction imposed on fish importation. Importers and traders have expressed their concerns about the […]
Dollar declines as inflation falls short of economists’ forecasts
The US dollar faced a significant downturn on Wednesday as consumer prices in the United States rose less than expected in March, leading experts to speculate that the Federal Reserve […]