Delay in resolving $2.4bn CBN’s FX forwards contracts threatens economy

CBN shuns critics to push cash withdrawal limit policy

PHILLIP ISAKPA IN LONDON, UK The lingering delay by the Central Bank of Nigeria (CBN) to reach a final resolution on its controversial position over $2.4 billion worth of foreign exchange forward trading contracts is creating an undercurrent that is producing multiple negative impacts on the economy, sources familiar with the situation have said. Fears […]

ABCON talks collaboration, guidance with SEC on digital currency harmonisation

Business a.m. The Association of Bureaux De Change Operators of Nigeria (ABCON) has reached out to the Securities and Exchange Commission (SEC) to propose a collaborative effort on harmonising the nation’s digital currency and peer-to-peer (P2P) forex sectors. Aminu Gwadabe, the ABCON president, in a recent courtesy visit to Timi Agama, the newly appointed Securities […]

FX market to remain unsettled for months, say Coronation analysts

Coronation Insurance pays N3.17bn claims to policyholders in H1 2022

PHILLIP ISAKPA IN LONDON, UK Nigeria’s foreign exchange market will remain unsettled for a few more months and any expectation of stability should be much later in the year, say analysts at Coronation Asset Management. In a market analysis note seen by Business a.m., the analysts said five months into the year 2024, the Nigerian […]

CBN’s FX Interventions top $581m in 2024- FMDQ 

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

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 […]

CBN Unlocks $7 Billion Stuck in Foreign Exchange Transactions

Commercial banks’ loan to government hits N26trn,says CBN

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

CBN shuns critics to push cash withdrawal limit policy

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 […]