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Tag: FOREX

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, […]

CBN to rename forex market amidst economic shifts
Banking

CBN to rename forex market amidst economic shifts

In a move to reframe the financial landscape, the acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has unveiled plans to bestow a new identity upon the official foreign exchange market. Formerly known as the Investors and Exporters (I&E) window, it will now bear the name of the Nigerian Foreign Exchange Market (NFEM), […]

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

Confusion as official FX rate, black market widens

Nigeria’s official currency rate, which has been edging closer to N100/$ as of last Friday, is now significantly different from those on the black market. The BDC and P2P pricing remained unchanged at N870/$ while the I & E FX window closed at N777.82/$. The disparity between the official and black market exchange rates for […]

How forex scarcity affects fresh petrol imports - Report
featured

How forex scarcity affects fresh petrol imports – Report

Oil marketers who have been licenced to import fuel are currently experiencing issues getting cash and thus, the prospect of new petrol importation into the country may have been crushed. According to The Punch, sources reported that three of the enraged downstream enterprises were yet to source foreign exchange to purchase products. Even though six downstream companies […]

Ban on styrofoam, satchet alcohol to worsen employment - NECA
Business featured

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 […]

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

Stock market jumps by 5.5% as forex reforms begin 

The stock market increased by 5.5 percent last week as a result of the federal government’s launch of the Foreign Exchange market reform. Vanguard reported that on Wednesday, June 15, 2023, the government announced steps to liberalize the foreign exchange market. The initiatives included the abolition of all market segmentations and the elimination of numerous […]

United Capital endorses CBN's stakeholder partnership
News

CBN ends naira for dollar, issues new forex regulations

The Nigerian Central Bank has announced operational adjustments to the foreign exchange market. The Nigerian Foreign Exchange Market will no longer operate with segmentation, according to a statement from the central bank on Wednesday evening which was signed by its Director of Financial Markets, Angela Sere-Ejembi, and distributed to all authorized dealers and members of the […]

Nigeria is Norway's top importer of stockfish - Report
Foods

Stockfish importers complain about currency ban on products

The Premier Stockfish Importers Association of Nigeria asserts that given the ongoing prohibition on stockfish from accessing foreign exchange, the future of the stockfish industry is likely to remain bleak. According to the News Agency of Nigeria, this was said in an interview on Thursday in Lagos by the association’s chairman, Mr. Gregory Ilobinso. Stockfish, […]

Trapped funds: CBN to give foreign airlines $150m
Aviation

Trapped funds: CBN to give foreign airlines $150m

The Central Bank of Nigeria has decided to proceed with plans to release another $150 million in frozen cash to international airlines. Although, CBN Governor, Godwin Emefiele, announced on Monday that the bank would release $120 million in trapped funds owed to foreign airlines operating in the nation, a source with one of the airlines […]

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