Currency traders under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON) have warned that forex speculators will resist the rapid appreciation of the naira to cover their losses. They, however, urged the Central Bank of…
The African Development Bank has outlined key strategies for Nigeria and other African nations to address rising debt burdens and foreign exchange difficulties. These insights were shared by the Bank’s Vice-President for Economic Governance and Knowledge Management, Prof. Kevin Urama,…
By Seun Ibiyemi In the second quarter of 2024, Nigeria saw a major increase in its net foreign exchange (forex) inflows, recording a boost of $17.18 billion—a 49.39 percent rise from $11.50 billion in the previous quarter. This improvement in…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says there is no going back on the current administration’s reforms in the forex and oil and gas sectors. Edun made this known when he received the newly…
…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…
