The Central Bank of Nigeria has said FX inflows into the country surged by 136 per cent in the first quarter of 2024 compared to last year. CBN governor Olayemi Cardoso, represented by Blaise Ijebor, director of Risk at the…
The naira on Tuesday continued its free fall across the foreign exchange (FX) market, depreciating to a new low of 1,530 per dollar on the parallel market, also known as the black market. This represents 0.98 percent (N15/$1) depreciation compared…
Following the settlement of outstanding FX backlog claims by the Central Bank of Nigeria (CBN), the Presidency has warned forex speculators to dump their Dollars. The President’s Special Adviser on Information and Strategy, Bayo Onanuga, made this call in a…
By Sodiq Adelakun The Central Bank of Nigeria issued a letter to all banks on Thursday regarding the impact of the recent foreign exchange (FX) policy reform. The letter reminded Nigerian lenders to be cautious when dealing with foreign exchange…
The global cement business will remain modest amid geopolitical tensions and economic fragmentation. Outlooks put the market’s growth at between 2 and 3 percent in 2024. The Middle East, India, and Africa would drive the growth in the year. Growth…
In fulfilment of its commitment to eliminate the backlog of pending matured foreign exchange in Deposit Money Banks (DMBs), the Central Bank of Nigeria (CBN) has recently disbursed approximately US $61.64 million to foreign airlines through various banks. This initiative…
The Lagos Chamber of Commerce and Industry (LCCI) has implored the government to create a more flexible and transparent foreign exchange policy to address scarcity issues. Its Director-General, Dr Chinyere Almona, gave the advice on Thursday in Lagos, in reaction…
The Nigerian Exchange Limited has called on the Federal Government and the Central Bank of Nigeria to prioritise listed corporates in their procurement processes and access to foreign exchange. According to the Chief Executive Officer of the NGX, Temi Popoola,…
By Sodiq Adelakun The Nigerian naira’s prospects have improved following reports that the Central Bank of Nigeria (CBN) is likely to fulfill its forward foreign exchange (FX) obligations. An unverified report suggests that the CBN will fulfill around 75-80% of…
The Central Bank of Nigeria’s (CBN) unsettled Foreign Exchange (FX) forward contracts have become a cause for concern among analysts in the financial service sector. The persistent delays in delivering the promised foreign currency have not only worsened investor confidence…
