CBN Launches Electronic System for Foreign Exchange Transactions to Reduce Speculation and Market Distortion
The Central Bank of Nigeria (CBN) is taking a bold step to enhance the foreign exchange (FX) market with the introduction of the Electronic Foreign Exchange Matching System (EFEMS). This new electronic platform aims to bring greater transparency, efficiency, and governance to FX transactions, addressing many of the challenges currently facing the market. The EFEMS […]
Naira Ranks Among World’s Worst Performing Currencies
Recent reports have highlighted a troubling trend for the Nigerian naira, which has been listed among the ten worst performing currencies in the world, according to Bloomberg. This ranking reflects broader economic challenges faced not only by Nigeria but also by several other African nations. In the global economy, currency performance is often a reflection […]
MAN to Meet with Akwa Ibom, Cross River Governments on Bad Roads and High Taxes
The Manufacturers Association of Nigeria (MAN) is taking steps to address the challenges its members face in Akwa Ibom and Cross River states. The association plans to discuss excessive taxes and poor road conditions with the governments of both states, aiming to create a more business-friendly environment. MAN’s leadership expressed concern over how multiple taxes […]
CBN Offers Dollars to BDCs at N1,580/$ to Increase Market Liquidity
The Central Bank of Nigeria (CBN) has introduced a new policy to increase the availability of foreign exchange in the market. As part of this effort, the CBN is selling dollars to Bureau De Change (BDC) operators at the rate of N1,580 per dollar. This was announced in a circular signed by W.J. Kanya, acting […]
NNPCL Attributes Petrol Price Hike to Forex and Market Forces
The Nigerian National Petroleum Company Limited (NNPCL) has recently faced criticism for the sharp increase in the price of Premium Motor Spirit (PMS), commonly known as petrol. According to the company, this hike is not a result of its policies, but is largely driven by external factors, specifically foreign exchange rates and the natural forces […]
Nigeria Hits Record $553 Million in Diaspora Remittances in July
The Central Bank of Nigeria (CBN) recently announced a major milestone in diaspora remittances. Nigerians living abroad sent a record $553 million back home in July 2024, the highest ever for a single month. This is a significant 130% increase from the $240 million recorded in July 2023. The CBN credits this remarkable growth to […]
CBN Sells $876.26 Million at N1,495 per Dollar in Latest Retail Dutch Auction
In a significant move to manage the rising demand for dollars and stabilize the naira, the Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction on Wednesday. During this auction, the CBN sold a total of $876.26 million at a cut-off rate of N1495 per dollar. This auction was held under the Retail Dutch […]