This trend signals the first month of stable exchange rates since the Central Bank of Nigeria (CBN) implemented a series of reforms in the foreign exchange sector.
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According to the latest data published by the Central Bank of Nigeria (CBN), the reserves now stand at $33.58 billion as of June 19, 2024.
A Federal High Court, Abuja has granted an interim order sought by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1, 146 bank accounts belonging to individuals and companies over allegations bordering on unauthorised dealing in foreign exchange, among others.
The Central Bank of Nigeria (CBN) has warned bank customers to desist from using foreign currency as collateral for Naira…
The CBN said it is set to sell $10,000 to each of the BDC operators at N1101/$ and directed the operators to sell at a spread not more than 1.5 percent above the CBN rate.
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says recent stability achieved in the foreign exchange market…
“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.”
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.