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Tag: Fx

Economy

Naira gains marginally against dollar in FX market

The naira saw modest gains in Nigeria’s foreign exchange market. On Thursday, the Nigerian currency appreciated slightly in the official market, closing at N1,548.59 to the U.S. dollar. FMDQ data revealed this was N4 lower than the previous day’s exchange rate of N1,552.58/$1. The naira remained stable on the black market, with foreign exchange rates […]

News

Nigeria’s FX reserves drop by $434m in one week

Nigeria’s foreign exchange reserves experienced a decline of $435.40 million within the span of a week, according to data from the Central Bank of Nigeria. The reserves decreased from $40.92 billion on January 6 to $40.48 billion on January 14. This drop highlights a significant change in the country’s foreign reserve holdings over a short […]

90% of Nigeria's tax revenue comes from nine sources – Wale Edun
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Nigeria’s foreign reserves record $2.35bn monthly net inflow – Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that Nigeria is currently recording a net inflow of approximately $2.35 billion into the apex bank’s foreign reserves. This development indicates a positive trend in the country’s foreign exchange position. Edun disclosed this in a statement while speaking at the Access […]

FG spends 74% of revenue on debt in Q1 2024
News

Naira dips by 215% in one year

Since the harmonization of Nigeria’s foreign currency market segments one year ago, the naira has declined by approximately 214.64% against the dollar, according to The Punch. At the closing of trade on Friday, the naira was worth N1482.72 per dollar, compared to N471/$ a year ago. The Central Bank of Nigeria’s statement abolishing the segmentation […]

CBN sells $10,000 to BDCs at N1,101/$
News

Naira gains, sells N1390 per dollar at official market

The naira appreciated by N29 or 2.1 per cent to N1,390 per dollar, compared to N1,419 per dollar recorded on Monday at the official market known as the Nigerian Autonomous Foreign Exchange Market. In addition, the dollar supply in the official foreign exchange market reached a substantial sum of $7.3bn in March and April, according […]

Custom to free detained vehicles, amid FX crisis
News

Custom to free detained vehicles, amid FX crisis

By Melvin Onwubuke The Federal Government has announced a time limit of 90 days for the regulariszation of import duties on certain vehicle categories. This was disclosed by Abdullahi Maiwada, The National Public Relations Officer, Nigeria Customs Service, on Sunday. In the statement, Maiwada said the recent development was a proactive effort to improve compliance […]

FX payments rose to $1.3bn in February - CBN
Economy

Factories may shutdown if FX crises persists – MAN

By Melvin Onwubuke The Manufacturers Association of Nigeria has said that many factories may shutdown operations amidst the lingering foreign exchange crises. This follows the statement of the Director General, Mr Segun Ajayi-Kabir in a recent interview on AIT. He disclosed that manufacturers could not access up to 20 per cent of their forex needs […]

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

Banks dollar sale drops as naira falls to N1,479

Data collected on Thursday from FMDQ Exchange indicated that the total value of transactions registered at the official Nigerian Autonomous Foreign Exchange Market decreased from $465.29 million on Tuesday to $203.93 million on Wednesday. The PUNCH reported that this shows that the volume and value of transactions on NAFEM, the official FX market, have decreased […]

FX spot market reports $4.66bn turnover in October - Report
Business

FX spot market reports $4.66bn turnover in October – Report

The October 2023 spot foreign exchange market turnover was $4.66 billion (N3.66 trillion), a Month-on-Month decline of 14.96% ($0.82 billion) from the September 2023 turnover of $5.48 billion. The Times reported that this was stated in the FMDQ Markets Monthly Report for October. According to the report, the US dollar strengthened its position against the Naira […]

Petrol imports from Russia records 84% increase - Report
Economy

FX trade, crude oil price account for 80% of petrol price — IPMAN

The Independent Petroleum Marketers Association of Nigeria have explained that the international price of crude oil and the exchange rate constitute the largest components of the cost build-up for PMS, accounting for over 80 per cent.   The PUNCH reported that the Secretary, IPMAN, Abuja-Suleja, Mohammed Shuaibu, said, “The rise in crude oil price and […]

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

NGX FX trading hits N145bn in six months

In the first half of 2023, the total amount of international transactions carried out by investors on the floor of the Nigerian Exchange Limited increased to N145.08 billion. Nairametrics reported that this is according to the recently disclosed data on domestic and foreign portfolio investment reports in Nigerian equity trading for June 2023. The total foreign […]