FOREX MARKETS

The value Naira, Nigerian’s currency fell further against the United States dollar on the first day in office for President Donald Trump The value of Nigerian currency depreciated further against the US dollar in the foreign exchange markets on Tuesday. Data from FMDQ securities showed that at the close of...

International Money Transfer Operators (IMTOs) have successfully remitted approximately $600 million into the nation’s coffers as of the end of September due to the concerted efforts of the Central Bank of Nigeria (CBN) to boost foreign exchange inflows into the country. Olayemi Cardoso, CBN Governor stated this at a “fireside”...

  The Central Bank of Nigeria (CBN) says it sold a total of $543.5 million in the Nigerian foreign exchange market (NFEM) to authorised dealer banks in September. In a statement signed by Omolara Duke, Director of, Financial Markets Department, on Friday, CBN said the foreign exchange (FX) was sold...

  The Central Bank of Nigeria (CBN), has offered 876 million dollars to the foreign exchange (fx) markets to fulfil bids submitted by customers at an auction concluded on Wednesday. This is contained in a statement issued by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali. According to her,...

  The Central Bank of Nigeria (CBN) has issued further clarification on the recently announced licensing requirements for Bureau de Change (BDC) operators. According to the apex bank, the updated guidelines, incorporating feedback from earlier public consultations, were officially published on the CBN website on Wednesday, May 22nd, 2024. Mrs...

  The Central Bank of Nigeria (CBN) has notified Bureau De Change (BDC) operators of the sale of $10,000 at the rate of ₦1,021/$1. The notification of discounted sales was contained in a fresh statement by the apex bank to the BDC operators. This move marks the second of such...

  The Association of Bureau De Change Operators of Nigeria (ABCON) has requested that the Central Bank of Nigeria (CBN) prevent non-oil export domiciliary account holders from obtaining foreign exchange through the official market. ABCON’s president, Dr. Aminu Gwadabe, said this in Lagos on Thursday that this measure would increase...

Naira has maintained a steady appreciation, gaining 4.55 per cent of its value against the dollar on increased dollar supply after the Central Bank of Nigeria (CBN) cleared all foreign exchange (FX) backlog. The summary of the FX trading auction revealed that naira appreciated by 4.55 percent as the dollar...

The Central Bank of Nigeria (CBN) has introduced a revised regulatory framework for Bureau De Change (BDC) operations to address excesses and enhance transparency in the foreign exchange market. As part of ongoing reforms, the CBN now mandates foreign exchange sellers to BDCs transacting $10,000 and above to declare their...

The Minister of Finance and coordinating of the economy, Mr. Wale Edun, has stated that around $10 billion of forex inflows is expected within weeks rather than months. Edun stated this during a panel session at the ongoing Nigeria Economic Summit and answered questions concerning stabilizing the foreign exchange market...