Forex scarcity worsens as inflow fell by $2.43bn to $9.72bn in April

Forex scarcity sends naira crashing, now N472/$ at parallel market

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 […]

Nigeria SEC issues warning against online retail forex trading 

The Securities and Exchange Commission (SEC) has issued a warning against engaging in the retail sale and purchase of foreign exchange (forex) online as it may be subject to abuse. SEC noted that its attention has been drawn to increased advertisements in electronic and other media soliciting investors to engage in leveraged online retail forex […]

FDC projects 60% probability on MPC to keeping rates

FDC, Headline inflation

Research analysts at Financial Derivative Company (FDC) say there is a 60 percent probability rate for the Central Bank of Nigeria monetary policy committee (MPC) to keep rates. Their projection is based on current money supply growth, which according to them, has remained below the CBN target of 10.84 percent, tempered by sterilization via cash […]

Central bank of Nigeria injects $331.4 m into currency market

Nigeria’s central bank said Friday it had injected $331.41 million into the interbank foreign exchange market, continuing its efforts to boost liquidity and alleviate dollar shortages. The bank said the funds were allocated to companies in the agricultural, airline, petroleum and machinery sectors. The central bank is “buoyant enough to meet the foreign exchange requests […]

Nigeria’s foreign reserves increase, hit $47bn

Godwin Emefiele, CBN Governor

Nigeria’s foreign reserves have continued to grow significantly with latest figures by the Central Bank of Nigeria (CBN) at about $47.37 billion as at April 5. The new figures rose from about $46.2 billion realised at the end of March. Godwin Emefiele, the CBN Governor,  announced the new balance in the reserves on Monday at […]