FOREX MARKETS

The Central Bank of Nigeria (CBN) says it has no plans to amend the Foreign-Exchange Act to provide for the imprisonment of anyone who holds foreign currencies, particularly the United States dollars, for more than 30 days. A statement from the CBN on Monday said the apex bank “has nothing...

After falling to a new low against the dollar on the official market on Tuesday, Naira rebounded on Wednesday after the Central Bank of Nigeria (CBN) pumped $1.5 million into the market to stabilise the battered currency, traders said. According to Reuters report monitored by Business247 News Online, the currency...

The scarcity of foreign exchange has hit   hard on the manufacturing sector in Nigeria, prompting calls   on the government   to intervene. President of the Association of Micro Entrepreneurs of Nigeria, Mr. Saviour Ichie, stated this in an interview with Business247 News Online in Lagos, said production companies had collapsed. He...

Naira was quoted at an all-time low of 409 to the dollar on the black market on Thursday, compared with 402 the previous day, after the suspension of some banks from forex trading made dollars even harder to obtain. This is according to Reuters’ report monitored by Business247 News Online....

Naira ended 5.2 per cent higher at 308 per dollar on Friday after the Central Bank of Nigeria (CBN) sold dollars to support the currency, traders said. According to Reuters report, the naira, which touched an all-time low of 365.25 on Thursday, closed at 324 per dollar in the previous...

Naira plunged to a record low and forwards rose, suggesting traders expect further depreciation, as the country struggles amid a dearth of dollars. According to Bloomberg report monitored by Business247 News Online, the naira fell 6.3 per cent to 348.75 against the dollar by 3:08 p.m. in Lagos today. Three-month...

The Central Bank of Nigeria (CBN) has increased the limit foreign exchange that banks can sell to Bureaus De Change (BDCs) from $30,000 to $50,000. Managing Director United Bank for Africa (UBA), Mr. Kennedy Uzoka told journalists on Tuesday in Abuja after the Bankers’ Committee meeting that the decision was...

The Naira on Thursday appreciated against the dollar at the parallel market, Business247 News Online reports. The Nigerian currency on Thursday afternoon gained 4 points to change at N390 to the dollar, from N394 it traded on Wednesday, representing an appreciation of 1.14 per cent. The currency also hedged against...

The nation’s currency, Naira slipped 2.5 per cent to a new closing low of 310 per dollar on Monday, failing to lure in local investors or foreign players as trade dried up a day before an expected interest rate hike from the central bank. Reuters report monitored by Business247 News...

The Central Bank of Nigeria (CBN) has given a directive that all foreign exchange trades (forex) by Authorized Dealers (Banks) and Companies in the Nigerian forex market must be executed through the platform provided by the Financial Market Dealers Quotes (FMDQ)-advised forex trading, with effect from August 1, 2016. The...