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Tag: FOREX

Senate approves Yuguda, Cardoso, others as MPC members
News

Senate questions MPC nominees on inflation, forex crisis

The Senate questioned the nominees for the Central Bank of Nigeria’s Monetary Policy Committee on Wednesday, screening them and asking them about the ongoing food and foreign exchange issues. According to The Punch, the names of nominees to the CBN’s MPC were sent by President Bola Tinubu to the Senate last week for confirmation. Six […]

Estate developers abandon building projects amid forex crisis
Business

Estate developers abandon building projects amid forex crisis

Melvin Onwubuke Nigerian Estate developers are facing a Herculean task in meeting project delivery timeline, due to the foreign exchange crisis. A report by Nairametrics show that the situation is aggravated for those who had previously entered into contracts with variation clauses, as they now battle significant losses as a result of sharp increase in […]

Speculative FX demands cause of weak naira - CBN
News

Speculative FX demands cause of weak naira – CBN

By Christian George The Central Bank has attributed the country’s weak currency to the insatiable demand for dollars and foreign goods by Nigerians. According to The Guardian, the apex bank governor, Olayemi Cardoso; Ministers of Finance, Wale Edun; Budget and National Planning, Senator Atiku Bagudu; Agriculture and Food Security, Senator Abubakar Kyari, yesterday, explained in […]

Parthian Partners pays third bond coupon
Banking

Parthian Partners pays third bond coupon

Parthian Partners Limited has made the third consecutive coupon payment on its N10 billion bond. The PUNCH reported that the Chief Financial Officer at Parthian Partners, Olayinka Arewa, recently said in a statement: “It takes agility and dedication to navigate rising inflation and economic pressures. We stuck to our word and continued to provide our investors […]

How inflation, forex crisis may affect consumer goods industry - Report
Business

How inflation, forex crisis may affect consumer goods industry – Report

Persistent inflation and currency issues are expected to have an impact on the fourth-quarter financial results of enterprises operating in the consumer products sector of the economy in 2023. According to The PUNCH, this was announced in Meristem Securities Limited’s Consumer Goods Sector Update for December 2023. According to the research, foreign exchange losses for […]

featured

FG secures $2.25bn Afrexim bank loan to tackle FX shortage

  The Federal Government on Friday obtained a foreign exchange support package worth $2.25 billion from the African Import-Export Bank. Confirming this development to Arise TV, Finance Minister Wale Edun disclosed that this sum represents the initial installment of a larger $3.3 billion facility from the bank. Emphasizing the acute shortage of foreign exchange affecting […]

Dangote refinery secures licence to refine crude oil
featured

Dangote deny illegal FX dealings, money laundering allegations

    Dangote Industries Limited’s management has denied allegations of involvement in illicit foreign exchange transactions and cautioned against spreading such accusations, which they consider as acts of economic sabotage against the company. This statement comes in response to reports in certain media outlets (excluding The PUNCH) that implied the company was under investigation by […]

CBN clears forex backlogs – Report
featured

CBN clears forex backlogs – Report

            Reports have indicated that the central bank has “cleared” forex backlogs of banks and airlines. According to Nairametrics, sources indicated that airlines are also seeing their backlogs being cleared. “Yesterday, the apex bank began clearing the backlog of outstanding Retail SMIS obligations. The total amount cleared is yet to […]

How Nigerians spent $340.84m forex on education in six months - CBN
News

How Nigerians spent $340.84m forex on education in six months – CBN

Nigerians seeking admission to institutions abroad spent $340.84 million to fund their applications between January and June 2023. The Punch reported that the amount spent on educational services under sectoral utilization for transactions eligible for foreign exchange is based on statistics from the Central Bank of Nigeria. According to the CBN, a total of $40.54m was spent […]

Domestic airlines seek FG's permission to import jet fuel, forex
Oil and Gas

Domestic airlines seek FG’s permission to import jet fuel, forex

Domestic airlines under the auspices of Airline Operators of Nigeria on Monday, urged that the Federal Government grant AON the necessary permit for the importation and distribution of aviation fuel, colloquially known as JetA1. According to The Punch, AON also requested that the government set up a special support line so that local airlines may obtain […]

Forex turnover records N22tn in seven months on FMDQ
featured News

Forex turnover records N22tn in seven months on FMDQ

    The foreign exchange turnover on the FMDQ reached a total of N22.98tn ($44bn) over the period spanning from January to July 2023. The information was disclosed in the August issue of the FMDQ Spotlight, a monthly newsletter produced by the exchange. After the Central Bank of Nigeria harmonised the foreign currency rates in […]

Banks dollar sale drops as naira falls to N1,479
Banking

Firms consider hedging as forex crisis affects performance

Many of Nigeria’s major corporations have suffered enormous losses as a result of the Central Bank of Nigeria’s devaluation of the naira. and financial experts have suggested using hedging as a tactic to prevent more losses. The Punch reported that following the release of the company’s financial statement for the first half of the year, […]