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…
The Foreign Exchange (FX) Spot and Derivatives markets experienced a significant increase in turnover for the week ending October 13, 2023. The total turnover reached $683.97 million, which represents a 109.52 percent increase compared to the previous week’s turnover of…
The Lagos Chamber of Commerce and Industry (LCCI) have urged the Central Bank of Nigeria (CBN) to remove the foreign exchange restrictions for importing 43 products in their list. This was revealed at the chamber’s quarterly State of the Economy…
Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the race to 200 billion dollars in foreign exchange repatriation (RT200) has generated over 2.9 billion dollars as at June. Emefiele said this on the sidelines…
