The Federal Government has stated that the introduction of crude oil sales in Naira is a strategic move aimed at enhancing the operational efficiency of local refineries by reducing foreign exchange risks and transaction costs. President Bola Tinubu made this…
Nigeria’s business environment showed signs of improvement in January 2025, but businesses continued to struggle with profitability due to the high foreign exchange rate and rising import costs. This is according to the latest Business Confidence Monitor published by the…
By Seun Ibiyemi The Central Bank of Nigeria (CBN) intervened in the foreign exchange market with the sales of $66 million to authorised dealer banks. Due to supply side shortfall, the naira has been under pressures for two weeks after…
By Seun Ibiyemi The Central Bank of Nigeria has directed participants in the foreign exchange market to submit compliance reports on adherence to the Nigeria FX Code by January 31, 2025. The directive is part of efforts to strengthen ethical…
By Seun Ibiyemi The Central Bank of Nigeria (Central Bank of Nigeria) on Wednesday said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025. The FX code…
The reforms in forex market significantly improved valuation transparency in companies that enabled more foreign investors to invest in the economy, the President, Association of Issuing Houses of Nigeria, ‘Kemi Awodein, has said. She spoke on Thursday, during the AIHN…
The Central Bank of Nigeria has denied claims that it is preventing Nigerians from transferring money into their accounts. The CBN also warned customers to exercise caution when sending fictitious SWIFT messages while remitting foreign exchange. The apex bank made…
The Central Bank of Nigeria (CBN) has granted banks the approval to trade with foreign currencies deposited under the amnesty initiative for the foreign exchange (FX) deposit window. CBN gave the directive in a document dated November 5, 2024 signed…
The International Monetary Fund (IMF) has expressed support for the Central Bank of Nigeria’s (CBN) recent interest rate hikes and foreign exchange measures, describing them as suitable steps toward stabilising the economy. This endorsement was given by Tobias Adrian, the…
Cryptocurrency usage has continued to grow in Nigeria as Africa’s most populous country grapples with a weakening currency and soaring inflation, New York-based blockchain research firm Chainalysis said in a report on Wednesday. The country, which ranked second overall on…
