…Blames previous administrations for failing to diversify economy By Matthew Denis, Abuja The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso has disclosed that there’s an increment in forex inflow into the country from $200million to approximately…
By Matthew Denis The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso has disclosed that there’s an increment in forex inflow into the country from $200million to approximately $600 millions as at the month of September. The…
The Manufacturers Association of Nigeria (MAN), Cross River and Akwa Ibom branch, has identified foreign exchange market volatility as a significant threat to its operations. Mr Usen Umoh, the Acting Chairman, made the assertion in an address at the 17th…
By Esther Agbo The Central Bank of Nigeria (CBN) is facing renewed pressure from the nation’s manufacturing sector as the Manufacturers Association of Nigeria (MAN) calls for a relaxation of stringent foreign exchange policies that have increasingly burdened local industries.…
By Esther Agbo The Central Bank of Nigeria (CBN) has reported a remarkable surge in diaspora remittances, with inflows reaching an unprecedented $553 million in July 2024. This figure marks a 130 percent year-on-year increase from July 2023, showcasing the…
The forex turnover on the FMDQ, where the exchange rate trades officially, closed at a turnover of just $61.9 million, the lowest since January 2024. This is also the second-lowest daily average turnover this year, second only to the $59.6…
The devaluation of the Naira resulted in a forex gain of N8.6 billion for the Nigeria Identification for Development (ID4D) project, through which international financiers led by the World Bank are pushing for the enrollment of all Nigerians for the…
By Esther Agbo Nigerians spent $38.17 million on foreign education in the first quarter of 2024, according to the Central Bank of Nigeria’s latest statistical bulletin. This figure marks an 83 percent decline from the $218.87 million spent during the…
By Seun Ibiyemi The Central Bank of Nigeria has warned authorised forex dealers against defacing/stamping US Dollar banknotes and continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria.…
Last week, President Bola Ahmed Tinubu demonstrated astute leadership by implementing a temporary restriction on foreign travels for ministers and government officials. This timely move followed revelations of unnecessary expenditure, exemplified by the Office of the Accountant-General of the Federation…
