FOREX MARKETS

The Central Bank of Nigeria (CBN) has launched a new portal called the Foreign Exchange (FX) Price Verification System (PVS), designed for importers to have access to forex. The bank made this announcement on Thursday night from their Trade and Exchange Department. “Following the successful conduct of the pilot run...

  The Central Bank of Nigeria (CBN), has attributed the crash of the naira against the dollar and its inability to manage the foreign exchange market to the diversion of diaspora remittances to the unofficial markets like the parallel market as the nation’s currency is inching to N1000/dollar. The Acting...

The Center for the Promotion of Private Enterprise (CPPE) has advised the Central Bank of Nigeria (CBN) to develop and put in place a sustainable intervention framework to moderate the volatility in the foreign exchange market. The Center, though lauded the Federal Government for dutifully charting a new and positive...

There are indications that the Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely at a market-determined rate. This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the...

Vice-president Yemi Osinbajo says Nigeria’s exchange rate regime remains a subject of worry to Nigeria’s investment climate, even as he cautions against arbitrage. Osinbajo expressed the view on Monday at the 28th Nigerian Economic Summit Group (NESG), where he represented President Muhammadu Buhari. The NESG organised the two-day summit, with...

  The Federal Government said it will begin steps towards creating a separate and special foreign exchange window for exporting manufacturers. This is in response to a plea by the manufacturers asking the Federal Government to support the sector by allowing operators to access forex through a special window to...

Central Bank of Nigeria (CBN), Mr. Godwin Emefiele on Thursday explained that monetary policy interventions alone cannot totally address the lingering foreign exchange scarcity challenges currently hurting various businesses, especially in the manufacturing sector. Emefiele disclosed this in a keynote to the maiden bi-annual Non-Oil Export Summit held in Lagos....

By Lukman Otunuga, Senior Research Analyst at FXTM It has certainly been another eventful week for financial markets with investors juggling various developments. From the Evergrande saga, to mixed corporate earnings and President Biden’s confidence over his two spending proposals. Even in the US equity space, there was some action...

By Lukman Otunuga, Senior Research Analyst at FXTM Risk appetite flickered to life on Thursday as progress on debt ceiling talks in the United States and Russia’s offer to stabilise energy markets lifted global sentiment. European stocks rebounded amid the improving market mood with US stock futures rising, indicating a...

Nigerian banks have warned that customers who do not comply with the new foreign exchange policy may face criminal prosecution by the Central Bank of Nigeria (CBN). This was disclosed via emails to their customers stating that defaulters of the new foreign exchange policy may face fines, including being prevented...