$20 FX spend limit on back of scarcity to become widespread
Charles Abuede
March 16, 2022
BY: CHARLES ABUEDE On the heels of the decision by the Central Bank of Nigeria (CBN) to put a stop to the sale of foreign exchange to banks, Nigerian banks are now taking measures in response to the CBN move and as a way of adjusting their portfolios. With the apex bank already informing the […]
Fertilizer FX ban: Sacrifice towards self sufficiency
Onome AmugeSeptember 28, 2020
Onome Amuge The production of food for consumption is an indispensable activity necessary for the sustenance of human life. Food production and consumption also play a vital role in the actualisation of economic stability of a nation. With the global population currently growing at an average rate of 1.05 per cent per year, as estimated […]
CBN resumes forex sale to banks, to clear unmet forex demands
Businessam StaffSeptember 3, 2020
After many weeks of absence from the foreign exchange market during which huge unmet forex demands piled up, the Central Bank of Nigeria (CBN) has resumed the sale of forex to banks to clear the backlog said to be in excess of $1.5 billion. On Monday and Wednesday, the CBN intervened at the investors and […]
Naira depreciates to N367/$ as panic grips forex market
Businessam StaffMarch 12, 2020
Indications emerged that Nigeria’s foreign exchange market has come under severe pressure leading to significant depreciation of the local currency, Naira, across all market segments. This comes as the Central Bank of Nigeria, CBN, indicated that it would raise about N513 billion from sales of Nigerian Treasury Bills, NTB, in the second quarter of 2020. […]
CBN injects another $210m into forex market
Kenneth AforJuly 25, 2019
Kenneth Afor The Central Bank of Nigeria says it has injected another $210 million into the Nigerian inter-bank foreign exchange market to ensure liquidity, maintain stability and to meet up with customers demand. Isaac Okorafor, director, corporate communications, CBN, who disclosed this on Wednesday, said that authorised dealers in the wholesale sector of the market received $100 […]
CBN sustains forex intervention as wholesale, SMEs segments get fresh $210m
Businessam StaffNovember 27, 2018
Nigeria’s central bank sustained its intervention in the foreign exchange market with the aim of defending the value of the naira as it offered a fresh $210 million on Tuesday to meet the needs of customers in the wholesale, small and medium enterprises (SMEs) and invisibles segments of the market In the latest round of intervention, the CBN offered the sum of […]
Nigeria’s central bank, CBN, intervenes in FX market with $210m
Businessam StaffAugust 7, 2018
In another round of intervention, the Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market to ensure the availability of forex and also meet customers’ requests in various segments of the market. The CBN Tuesday, August 7, 2018 offered $100 million to authorized dealers in the […]
Naira in marginal gain as street forex market shows relative stability
Afolabi OluwaseunAugust 2, 2018
The naira on Wednesday gained marginally as it traded N359 to the dollar at the parallel market in Lagos after a 10-day stable streak. However, the Nigerian currency declined against other major world currencies as it traded N478 and N417 against the pound sterling and euro respectively from N480 and N418 previously. A business a.m. […]
Street forex market stable as dollar trades at N360
Afolabi OluwaseunJuly 24, 2018
The naira on Tuesday remained stable at the parallel market in Lagos exchanging at N360 to the dollar. The Nigerian currency had exchanged at the same rate on July 23, while the pound sterling and euro closed at N478 and N418 respectively. A cross-section of street markets in Ikeja showed the dollar traded at N360 […]
Streets forex trading holds firm as dollar average N361
Afolabi OluwaseunJuly 18, 2018
Wednesday monitoring of Nigeria’s ubiquitous street market for foreign exchange by business a.m. in Lagos, showed the dollar began the day trading at N360/N361 and remained unchanged throughout the day. The currency was bought by traders at N356 in the morning, climbing to N357/N358 later in the day. The British pound sterling was bought by […]