“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.”
Browsing: Forex
Data from the FMDQOTC, where the exchange rate is officially set, revealed that the official currency gained 1.52% at the close of business, continuing a rally that has now lasted 7 days.
The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange inflow into the economy in February. Acting…
The Tinubu Administration is a fanatic believer in economic liberalism and market forces. Based on its belief, it cancelled fuel subsidy and floated the naira so that it can find its true value. The naira played its part and has been rising steadily desperately searching for its true market value, which it turns out, is still very far away. The result is a “misery crisis” as cost of living rise beyond the incomes of ordinary citizens whose naira is too small to enable them purchase food and hunger and anger spreads throughout the land. The President who always tells Nigerians that he understands their pains then offers a solution and orders distribution of free grains from the Strategic Food Reserves. It turned out the civil servants forgot to brief him that the reserves are empty.
ASHENEWS reports that the Central Bank of Nigeria (CBN), Governor, Olayemi Cardoso, has described his job as world’s second most difficult.
According to him, even if the ₦aira recovers for three months, it could “still crash because the fundamental problem has not been fixed, which is improving production, to deepen the balance of trade and payment for Nigeria.”
Following recurrent free fall of Naira in the Foreign Exchange (Forex) market, the Federal Government has assured Nigerians that it will implement macroeconomic reforms to stabilize the market.
The Central Bank of Nigeria (CBN) has denied claims that it plans to convert domiciliary account holdings valued at 30 billion dollars into Naira.
The Central Bank of Nigeria (CBN) says it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions.
The Central Bank of Nigeria (CBN) says it has paid approximately two billion dollars in its bid to clear the backlog of outstanding foreign exchange liabilities across various sectors.