CBN’s FX Interventions top $581m in 2024- FMDQ
Post AMUGE
April 19, 2024
Business a.m. The Central Bank of Nigeria (CBN) has committed $581 million to foreign exchange interventions at the Nigeria Autonomous Foreign Exchange Market (NAFEM) in the first few months of 2024, according to data released by the FMDQ Securities Exchange. Despite the significant FX interventions by the Central Bank of Nigeria in NAFEM, only a […]
ABCON sees further naira recovery on CBN recall of BDCs to FX market
Post AMUGEApril 1, 2024
Business a.m. The Association of Bureaux de Change Operators of Nigeria (ABCON) sees the recovery of the Naira continuing on the back of the recall by the Central Bank of Nigeria of their members to the mainstream of Nigeria’s foreign exchange market. The association, therefore, commended the CBN for this decision, which it said has […]
CBN Unlocks $7 Billion Stuck in Foreign Exchange Transactions
Post AMUGEMarch 21, 2024
Business a.m. The Central Bank of Nigeria (CBN) has announced that it has fulfilled its promise to process the backlog of $7 billion in foreign exchange claims inherited from the previous administration Hakama Sidi Ali, the acting director of corporate communications at the CBN, made the disclosure in a statement seen by Business a.m. Ali […]
CBN moves to prevent banks from engaging in speculative foreign exchange trading
Post AMUGEJanuary 31, 2024
Business a.m The Central Bank of Nigeria (CBN) has released a new circular containing guidelines aimed at addressing suspected cases of excessive foreign currency speculation and hoarding by Nigerian banks. The circular, which is titled “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks,” outlines a set of guidelines designed to reduce the […]
Bankers want to use commodities ecosystem drive CBN’s RT200 FX
Onome AmugeMarch 21, 2022
BY: OMOME AMUGE Bankers and other operators in the Nigerian financial market have identified deployment of commodities ecosystem as a potent way by which the Central Bank of Nigeria (CBN) can achieve the plan to generate $200 billion in the next three to five years through its RT 200 FX policy. By the set of […]
CBN initiates steps to harmonise exchange rates
Wale AmeenMay 15, 2021
Wale Ameen Online Editor There are indications that the Central Bank of Nigeria as at Friday has began gradual harmonisation of the exchange rates. This follows the removal of the N379/$1 official exchange rate from it’s website. The move is seen as an indication of effort by the bank to harmonisation of the harmonisation […]
Investors lost N116bn on Wednesday as sell pressures in MTN, Access Bank, Stanbic dragged the NSE-ASI
Charles AbuedeMarch 31, 2021
Charles Abuede The local bourse continued in its staggering movement on Wednesday due to selling pressures in MTN Nigeria (-2.9%), Access Bank (-3.6%), and Stanbic IBTC (-1.0%) which dragged the All-Share Index lower by 0.57 per cent to settle at 39,045.13 points. As a result, the market year to date loss worsened to -3.0 per cent and leading to a loss […]
CBN introduces new FX policy to increase forex availability and preserve external reserves
Charles AbuedeMarch 24, 2021
Policy shows bank is shifting to flexible exchange rate management Charles Abuede Nigeria is now gradually and tenderly tilting its exchange rate management to a flexible rate regime from a managed float just in consonance with the allusion by Nigeria’s Finance Minister, who on Monday said the nation is adopting a new flexible […]
Forex scarcity worsens as inflow fell by $2.43bn to $9.72bn in April
Aderemi OjekunleAugust 20, 2020
Nigeria’s lingering foreign exchange scarcity continued in April as inflow declined by 25 per cent to $9.72 per cent in April, from the $12.15 billion recorded in March, a Central Bank of Nigeria (CBN has revealed). The apex bank, in its monthly economic report for April, attributed the development to the weak global demand caused […]
FirstBank leads dialogue for inclusive growth in Fintech ecosystem
Omobayo AzeezOctober 17, 2019
By Omobayo Azeez First Bank Nigeria Limited (FirstBank) has championed discourse in the financial services industry to promote inclusive growth in financial technology (Fintech) as it relates to small and medium enterprises (SMEs) in the ecosystem. ___________________________________________________________________ The bank further expressed this at the third edition of its annual Fintech Summit themed “Banking + Tech […]