17 results
- 20 Sept 2021
Naira Slumps by 209 Per Cent in 6 Years
Despite the over $130bn deployed by the Central Bank of Nigeria (CBN) to defend the naira and a myriad of policies churned out to shore up its value over the past six years, the Nigerian currency has…
- 26 May 2021
NAFEX Signals Official Devaluation of Naira to N410/$
Central Bank of Nigeria (CBN) has devalued the naira to N410.25 to dollar- a move officially confirmed by the adoption of the Nigerian Autonomous Foreign Exchange Rate (NAFEX), also known as the…
- 29 Dec 2023
Naira Crashes to All-time Low to N1,043.09/$ at Official Market
Naira on Wednesday hit a record low of N1,043.09 per dollar, following strong demand for the greenback amid dollar shortage at the official foreign exchange (FX) market. After trading on Wednesday,…
- 22 Dec 2024
CBN Permits BDC Operators to Buy FX from NAFEM During Festive Season
Central Bank of Nigeria (CBN) has announced that eligible Bureau de Change (BDC) operators will have temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000…
- 2 Feb 2016
Bureaux de Change Operators to Sack 30,000 Workers
Alhaji Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON), yesterday said that some 30,000 bureaux de change (BDC) workers would be sacked within the first quarter…
- 22 Aug 2016
CBN Accuses Banks of Round Tripping, Mulls Punishment
Central Bank of Nigeria (CBN) yesterday accused banks of foreign exchange (forex) round tripping and vowed to mete out sanctions on erring institutions. Forex round-tripping or arbitrage refers to a…
- 17 May 2024
CBN Grants Approval to 14 New IMTOs to Spur Liquidity
Central Bank of Nigeria (CBN) has said that it has granted 14 new International Money Transfer Operators, IMTOs Approval-in-Principle (AIP) to double foreign-currency remittance inflows through…
- 25 Jun 2024
CBN Issues IMTOs Naira Access to Boost Liquidity & Diaspora Remittances
Central Bank of Nigeria (CBN), issued new measures to facilitate naira liquidity and raise diaspora remittances. In its latest circular, the apex bank stated that eligible International Money…
- 20 Dec 2018
Ecobank Denies Cooking Books to Look Healthy
Ecobank Transnational Incorporated (ETI) has refuted a media report claiming it tampered with its accounts in order to make shareholders feel the company was doing well. In a report by South…
- 29 Mar 2024
CBN Reports over $1.5Bn Forex Inflow
Central Bank of Nigeria, CBN, said over $1.5bn inflow into the country has been recorded in the past few days. This development, the apex bank’s Acting Director of the Corporate Communications…
- 14 Jan 2016
BDC Operators Sabotage CBN, Naira Tumbles to All-Time Low
The Naira dropped to a record low of 305 per dollar at the black market on Wednesday as the new policy of the Central Bank of Nigeria (CBN) failed to lift the local currency. Financial experts also…
- 29 May 2024
Foreign Inflow to NGX Dropped in April – Report
The value of foreign inflow on the Nigerian Exchange Limited dropped by 19.14 per cent month-on-month to N42.58bn in April from N52.66bn in March. This was indicated in the Domestic & Foreign…
- 14 Jun 2016
Red Star Boss Commends FG On Currency Swap
Mr. Sule Bichi, group managing director of Red Star, one of Nigeria’s logistics company, has commends the Federal Government of Nigeria for its currency swap policy of Naira to Yuan, pointing…
- 30 Jan 2017
CBN Queries 5 Banks for Forex Manipulation
Central Bank of Nigeria (CBN) has queried five commercial banks for manipulating foreign exchange (forex) transaction rates. The CBN detected the rate manipulations following the mandatory rendition…
- 16 May 2021
CBN Signals Harmonisation of Forex Rates with Removal N379/$1 Rate from Website
Central Bank of Nigeria (CBN) at the weekend began gradual harmonisation of exchange rates with the removal of N379/$1 official rate from its website. The move by the apex bank is one of the first…
- 19 Jul 2024
CBN Resumes Forex Sales to BDCs with $20,000 Ceiling to Each Licensee
Central Bank of Nigeria (CBN) resumed dollar sales to Bureaux De Change (BDC) operators on Thursday July 18, with a planned disbursement of $20,000 to each licensee. The apex bank said the forex…
- 13 Jun 2019
MPC Worries over Banks’ Bad Loans, Forex Exposure
Central Bank of Nigeria (CBN)-led Monetary Policy Committee (MPC) has expressed worry over the concentration and high non-performing loans (NPLs) in banks. The committee decried the persistent…