Delay in resolving $2.4bn CBN’s FX forwards contracts threatens economy
Post AMUGE
July 1, 2024
![CBN shuns critics to push cash withdrawal limit policy](https://www.businessamlive.com/wp-content/uploads/2022/12/CBN-1.jpg)
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
Post AMUGE
May 20, 2024
![](https://www.businessamlive.com/wp-content/uploads/2023/09/ABCON.jpg)
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 […]
Nigeria’s subnationals, under FX pressure, want suspension of foreign debt repayment
Post AMUGE
May 14, 2024
![](https://www.businessamlive.com/wp-content/uploads/2024/03/debt.png)
ONOME AMUGE IN LAGOS, NIGERIA Nigeria’s foreign debt stock has been on a steady climb over the past year, hitting $4.61 billion by the end of 2023, a 3.36 percent surge from the previous year’s $4.46 billion, translating to a $150 million rise in just 12 months. However, the plot thickens as external debt servicing […]
FX market to remain unsettled for months, say Coronation analysts
Post AMUGE
May 14, 2024
![Coronation Insurance pays N3.17bn claims to policyholders in H1 2022](https://www.businessamlive.com/wp-content/uploads/2022/08/CORO.jpg)
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
Post AMUGE
April 19, 2024
![](https://www.businessamlive.com/wp-content/uploads/2024/03/CBN.jpg)
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 AMUGE
April 1, 2024
![CBN suspends forex sales to BDCs over pandemic](https://www.businessamlive.com/wp-content/uploads/2020/03/ABCON-president-2.jpg)
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 AMUGE
March 21, 2024
![Commercial banks’ loan to government hits N26trn,says CBN](https://www.businessamlive.com/wp-content/uploads/2023/02/CBN.jpg)
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 AMUGE
January 31, 2024
![CBN shuns critics to push cash withdrawal limit policy](https://www.businessamlive.com/wp-content/uploads/2022/12/cbn.jpg)
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 Amuge
March 21, 2022
![Bankers want to use commodities ecosystem drive CBN’s RT200 FX](https://www.businessamlive.com/wp-content/uploads/2022/03/FX-policy.jpg)
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 Ameen
May 15, 2021
![Emefiele stays confident amid N1.3trn banks’ NPLs still above 5% benchmark](https://www.businessamlive.com/wp-content/uploads/2021/02/CBN-.jpg)
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 […]