19 results
- 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…
- 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…
- 16 Jul 2021
Foreign Exchange Inflows still Below Pre-COVID Levels
Tunde Abidoye According to the Central Bank of Nigeria’s latest Quarterly Statistical Bulletin for Quarter 4, 2020, total Foreign Exhange (FX) inflows into the Nigerian economy declined by -6.4% q/q…
- 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…
- 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 $25,000…
- 12 Jan 2016
CBN Lifts Ban on Dollar Deposits, Withdrawals
Central Bank of Nigeria (CBN) has finally lifted the ban stopping commercial banks from accepting cash deposits of foreign exchange from customers, in order to stem the growing foreign exchange…
- 20 Dec 2018
Ecobank Denies Cooking Books to Look Healthy
Ecobank Transnational Incorporated (ETI) has refuted a media report claiming it tampered with its accounts in order to make shareholders feel the company was doing well. In a report by South…
- 29 Dec 2023
Naira Crashes to All-time Low to N1,043.09/$ 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,…
- 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…
- 27 Jul 2020
MTN Nigeria Looks to Rural Connectivity, Backhaul to Balance Earnings
MTN Nigeria is looking at improved pricing, increased focus on rural connectivity and backhaul in its network in the longer term to make up for an anticipated drop in its earnings, according to a…
- 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…
- 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…
- 14 Oct 2019
VAT Hike Will Worsen Unemployment, Poverty- ABCON
Association of Bureaux De Change Operators (ABCON) has warned against the proposed increase in Value Added Tax (VAT) to 7.2 per cent from five per cent. The group insisted that the increase…
- 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…
- 21 Feb 2024
FG Blocks Binance, OctaFX, Coinbase others over Forex Crisis
Nigerian government has initiated its plan to block cryptocurrency trading platforms such as Binance, OctaFX, Coinbase and others in a bid to avert what it considers continuous manipulation of the…
- 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…
- 6 Feb 2018
Egmont May Expel NFIU, Blacklist Nigerian Credit Cards
Nigerians may no longer be able to carry out international transactions as Egmont Group is considering expelling the Nigerian Financial Intelligence Unit (NFIU) because of governance issues. …
- 14 Jun 2023
IXPN Underscores Benefits of Collaboration, Peering and Local Hosting of Content
Internet Exchange Point of Nigeria (IXPN), a non-for-profit and membership-based organisation, which provides a platform where networks interconnect directly within Nigeria has highlighted the…
- 23 Sept 2016
Our Members Are Ready to Help Govt Succeed - Unilag Alumni
As part of its contribution to national development, the University of Lagos (Unilag) Alumni Association has offered to make available to the Federal Government the abundant skills and talents in its…