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Tag: FOREX

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 […]

First Bank suspends dollar transactions on naira debit cards
Banking

First Bank suspends dollar transactions on naira debit cards

First Bank of Nigeria has suspended international transactions using the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card due to the increasing scarcity of foreign exchange in Nigeria. This was revealed in an email sent to customers that Nairametrics obtained titled “Review of Naira Card cross-border limit.” In addition, only […]

Segun Arinze defends foreign models, voiceover artists' ban
Economy

Segun Arinze defends foreign models, voiceover artists’ ban

Veteran actor and President of the Association of Voice Over Artists, Segun Arinze, has defended the ban on foreign models and voice-over artists in Nigeria. Speaking during an interview with CNN on Wednesday, Arinze said that the ban will save forex for Nigeria media companies, adding that it will boost Nigeria’s homegrown talents in the […]

Trapped forex: Expert pushes for ticket purchase in dollars
Aviation featured

Trapped forex: Expert pushes for ticket purchase in dollars

To resolve airlines’ $464m trapped funds, a former Director-General of the Nigerian Civil Aviation Authority, Dr Harold Demuren, proposed that first-class and business class passengers buy tickets in dollars. According to The Punch, Demuren told the Federal Government adding that the economy class passengers can buy their tickets in naira, which he proposed will help […]

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

Harmonise foreign exchange rate – Group tells CBN

The Nigerian Economic Summit Group has urged the Central Bank of Nigeria to harmonise foreign exchange rates as the nation battles scarcity of forex and dwindling value of the naira, amongst other economic challenges. NESG’s call comes hours after the Nigeria Employers Consultative Association asked the government to allocate available forex to manufacturing and other […]

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