FOREX MARKETS

The naira fell to a new all-time low at the parallel market on Wednesday trading in the range of N1,035 to N1,040 to one dollar. The figure of N1,040/$ represents a depreciation of N40 or 4.0 per cent from the N1,000 it traded two weeks ago. The street traders put...

Central Bank of Nigeria (CBN) has announced that Nigeria recorded $10.7 billion aggregate foreign exchange inflow into the economy in April and May 2023. The CBN disclosed this in its latest economic report on foreign exchange flows, obtained from its website. According to the report, the economy recorded a higher...

  The Association of Bureaux de Change Operators of Nigeria (ABCON) is seeking friendly policies to guarantee its members’ operation in the foreign exchange market, as the Federal Government wants Bureaux de Change (BDC) trimmed to 200. The request followed the call on the Central Bank of Nigeria (CBN) to...

The Federal Government has urged the Central Bank of Nigeria (CBN) to reduce the number of Bureau de Change (BDC) operating in the country from over 5,000 to about 200. This statement was made by the Special Adviser to President Tinubu on Economic Affairs, Tope Fasua during an economic policy...

    The exchange of the Naira to the dollar plunged to a record low N983/$1 at the black market as currency traders said there no dollar to sell This represents a 2.93 per cent drop when compared with the N955/$1 that it traded on Tuesday as the foreign exchange...

  The naira dropped to N930 per dollar at the parallel section of the foreign exchange (FX) market on Wednesday, representing a depreciation of N25 or 2.76% compared to the N905 it reported on August 23. According to Bureaux De Change operators (BDCs), who spoke to TheCable in Lagos on...

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the Central Bank of Nigeria (CBN) to grant Bureaux De Change (BDCs) digital autonomy to achieve exchange rate convergence. In a report released at the weekend, ABCON President,  Aminu Gwadabe, called on the apex bank to grant...

  The Acting Governor, Central Bank of Nigeria (CBN) has said that the bank was making plans to clear the foreign exchange (FX) backlogs in the next one or two weeks. Shonubi, who disclosed this at a conference in Lagos on Monday, said the process will be facilitated with the...

Global financial service firm JP Morgan has estimated Nigeria’s FX Reserve to be around $3.7 billion much lower than reported figures of about $30 billion. The bank disclosed this in its latest report on Nigeria titled “Nigeria: Reform pause rather than fatigue”. The bank noted that the lower-than-reported FX reserve...

  The Central Bank of Nigeria (CBN) has intensified efforts to battle currency speculators and has brought back Bureau De Change operators (BDCs), with a new guideline to checkmate their operators. The nation’s currency is currently facing serious problems since it was floated against the dollar, causing problems in the...