Naira slumps to bottom of global currency rankings in 2024

IMF advises CBN to extend naira swap deadline over lingering scarcity

Business a.m. The Nigerian naira has been ranked the worst-performing currency globally in the first half of 2024, according to a recent report released by Bloomberg. The report identified several factors that contributed to the naira’s underperformance, including devaluation, a lack of dollar liquidity, and market volatility, which have reportedly hindered the CBN’s ability to […]

CBN faces major headwinds as Nigerians overlook banks for cash

Mixed reactions trail CBN’s fresh deadline on currency swap

  Currency in circulation hits record-high N3.97trn Apex bank lose grip as tightening falls short ONOME AMUGE Nigeria’s currency in circulation seems to have defied the iron grip of the Central Bank of Nigeria (CBN)’s monetary policy tightening as it leaped to a record-breaking peak of N3.97 trillion in May 2024, a N314.6 billion increase […]

Naira’s fortune reverses from top to world’s worst-performing currency

Commercial banks to trade forex freely as CBN floats currency

Onome Amuge Nigeria’s naira has plunged from grace, transitioning from the world’s top-performing currency in March to the worst-performing in April, as revealed by a recent Bloomberg report. The report unveils the naira’s downward trajectory, highlighting its rapid descent after a brief stint in the limelight. As the local currency embarks on another round of […]

ABCON back to CBN with a plea amid losses from dollar allocation

  Onome Amuge The Association of Bureaux De Change Operators of Nigeria (ABCON) has made a passionate plea to the Central Bank of Nigeria (CBN) to review its current foreign exchange rate policy for the CBN-licensed Bureaux De Change (BDCs). Currently, the CBN pegs the exchange rate for BDCs at N1,251/$, but ABCON argues that […]

ABCON sees further naira recovery on CBN recall of BDCs to FX market

CBN suspends forex sales to BDCs over pandemic

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 […]

ATM usage plunges to 40% amid naira scarcity – KPMG

KPMG

Business a.m A new report by KPMG has found that the scarcity of cash in circulation has led to a significant decline in the weekly usage of Automated Teller Machines (ATMs).  According to the report, “In Pursuit of Value,” which surveyed customers of Nigerian and Ghanaian banks, ATM usage dropped significantly during the year 2023. […]