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Tag: Foreign Exchange

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FX spending on foreign education drops to $38.17m in 2024 

Nigerians between January and March 2024 spent $38.17 million on overseas schooling. This was revealed in the quarterly statistical bulletin of the Central Bank of Nigeria for the first quarter of 2024. The amount spent dropped by 83% when compared to the $218.87 million spent during the same period last year. On a quarterly basis, […]

Nigeria's FX reserves hits three-month peak
News

Nigeria’s FX reserves hits three-month peak

Nigeria’s foreign exchange reserves have soared to their highest level since March 28, 2024, marking a significant financial milestone. This increase coincides with the longest period of stable exchange rates seen in over a year, bolstered by a series of financial commitments from the World Bank through new multilateral loans. According to the latest data […]

FG unveils plan to revamp cooperative sector, targets $1trn economy
News

Naira exposure to forces of demand, supply suicidal – Stockbrokers

The Chartered Institute of Stockbrokers has raised concerns about the impact on companies with a major foreign exchange component, which are posting losses or substantial decreases in profits as a result of recently implemented market reform. This was disclosed in a statement by the CIS President and Chairman of the Council, Mr. Oluropo Dada, at […]

Nigeria's FX reserves hits $32.3bn, rises by $262m
News

Nigeria’s FX reserves hits $32.3bn, rises by $262m

Nigeria’s foreign exchange reserves have surged to $32.369 billion as of May 6, 2024, marking a significant rebound from a recent one-month decline that saw reserves dip to $32.107 billion. According to the latest report from the Central Bank of Nigeria (CBN), the country’s foreign reserves experienced a commendable increase of $262 million after weeks […]

News

NGX foreign inflow hit N93.37bn in Q1

Foreign portfolio inflows into Nigeria’s Stock Market surged to N93.37 billion in the first quarter of 2024, reflecting a remarkable 415% increase compared to the corresponding period in 2023. This substantial upswing is evident in the Foreign Portfolio Investment data for the first quarter, as disseminated by the research department of the NGX. However, when […]

News

FX spot market hit $12.61bn turnover in March – Report

The March turnover in the spot foreign exchange market amounted to $12.61 billion (N19.29 trillion), reflecting a notable month-on-month increase of 47.66% ($4.07 billion) compared to February 2024 ($8.54 billion). These figures were disclosed in the FMDQ Markets Monthly Report for March. The report indicated a marginal depreciation of the US Dollar against the Naira […]

FX crisis: Kano industries switch to recyclers for raw materials
News

FX crisis: Kano industries switch to recyclers for raw materials

In Kano, the business centre of northern Nigeria, thousands of people make a living by feeding their little and medium-sized industries with reprocessed materials such as rubber and iron. In addition, these local recyclers serve as pain relievers to firms that are finding it difficult to obtain foreign exchange, particularly the US dollar for the […]

36 states spend N139.92bn on external debt in six months
Economy

FX crisis drives business cost to highest in 10 years – Report

Melvin Onwubuke Nigeria businesses are faced with the highest increase in input cost in a decade, as a result of the weakness in the exchange rate for February. This is according to Stanbic IBTC Purchasing Managers Index, report for February 2024. In the report, Nigeria’s Business Purchasing Managers Index fell sharply from 54.5 in January, […]

NAFEM: Dollar supply hits 180% as banks sell $440m
Banking

NAFEM: Dollar supply hits 180% as banks sell $440m

The official Nigerian Autonomous Foreign Exchange Market saw a 180.59 per cent increase in dollar supply on Friday, reaching $440.13 million. This comes as the naira completed the week at N1435.53/$ on Friday. FMDQ Security Exchange data shows that FX turnover increased from $156.86 million on Thursday to $440.13 million on Friday, a 180.59 per […]

Forex revenues hits new high as trade surplus reaches N2.22trn
Business

Forex revenues hits new high as trade surplus reaches N2.22trn

Nigeria’s foreign exchange earnings increased in the first six months of 2023, as the country’s trade surplus increased to N2.22 trillion. According to The Punch, the country was looking for new ways to boost its earnings from foreign exchange earnings. New data from the National Bureau of Statistics show that Nigeria’s overall import bill was […]

Ban on styrofoam, satchet alcohol to worsen employment - NECA
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NECA urges FG to increase forex inflow

The Nigeria Employers Consultative Association has urged the Federal Government should take a multifaceted approach, including dealing with oil theft, to increase foreign exchange inflows and strengthen the Naira. According to Vanguard, in a press conference announcing the upcoming 2nd edition of the Employers’ Summit in Lagos yesterday, the Director General of NECA, Mr. Wale-Smatt Oyerinde, suggested […]

Naira and Dollar displayed
Business

Naira drops N462 against dollar at official market

The Naira-to-US Dollar exchange rate at the Investors and Exporters window decreased to N462.33 per dollar on Tuesday which represents a 0.14 per cent drop from the previous trading session’s closing rate of N463 per one dollar. This information was reported in Nairametric’s daily currency update, which was compiled from FMDQ Exchange. According to the […]