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Foreign exchange Nigeria

Naira Opens Week With Gain Across FX Markets

CBN Sells $20,000 To BDCs At N1,580 As Naira Depreciation Persists

In its bid to increase liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has offered to sell $20,000 to each eligible Bureau De Change (BDC) operator at a rate of N1,580 per dollar. The apex bank made this

September 7, 2024

News

How Nigeria Spent $28.65bn On Foreign Education In 10 Years

Nigeria spent $28.65 billion on foreign education in 10 years (from 2010 to 2020), with Personal Transport Allowance totalling $58.7 billion. This is according to a report from the Office of the Deputy Speaker, House of Representatives, citing the Central Bank of

August 29, 2024

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 1st July 2025

Business·Currency·Markets

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 19th August 2024

What is the Dollar to Naira Exchange rate at the black market, like the Aboki FX? The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market also known as the black market, especially the Aboki fx

August 19, 2024

Weak Naira: CBN Sells $543.5m To Boost FX Market

Business·Currency·News

CBN FX Retail Auction: How 26 Banks Got $876.26m At N1,495/$

The Central Bank of Nigeria (CBN) has announced that it sold a total of US$876.26 million to end users using Retail Dutch Auction System (RDAS). It said the transaction was done by mandating authorised dealer banks to submit bids using an approved

August 7, 2024

NASS Increases Customs’ 2025 Revenue Projection To ₦12trn

Business·Finance & Economy·News

Unstable Customs Duty Exchange Rate Weakens Investors’ Confidence In Nigeria’s Economy – Expert

As Nigeria Customs Service (NCS) continues to adjust rate for calculating import duty due to fluctuations in the foreign exchange market, economic expert, Dr Muda Yusuf, has warned that it is hurting the country’s economy.

May 2, 2024

Forex Crisis: CBN Sells $122.67m To 46 Authorised BDC Operators

Finance & Economy

Naira Rebound To N1,400, CBN Clearing Of FX Backlogs: It’s Not Yet Time For Celebration – Expert

The clearing of foreign exchange backlogs by the Central Bank of Nigeria (CBN) and the appreciation of the value of the naira in the forex market has cast an air of delight in the financial landscape, however, an economic expert believes that

March 21, 2024

CBN Raises Benchmark Interest Rate To 26.75% Amid Soaring Inflation

Business·Finance & Economy·News

CBN Raises Benchmark Interest Rate To 22.75%

he Central Bank of Nigeria has raised the monetary policy rate (MPR) by 400 basis points to a record 22.75 per cent. This was announced by the CBN governor, Yemi Cardoso

February 27, 2024

CBN Directs IMTOs To Use I&E Window Rate To Convert Diaspora Remittances

Business·Currency

Why CBN Fixed $1m As Capital Requirements For International Money Transfer Operators

Central Bank of Nigeria (CBN) has set the bar high for International Money Transfer Operators (IMTOs) with a fixed minimum share capital requirement of $1 million.

February 3, 2024

How Nigeria Can Curb High Airfares On International Routes

Business·News

Airlines Receive $62m Windfall As CBN Eases Forex Woes By Repaying Banks $2bn Debt

The Central Bank of Nigeria (CBN) has taken a stride in reducing its backlog by repaying $2 billion to Deposit Money Banks, aiming to tackle the escalating volatility in the forex market. This repayment, aimed at clearing a portion of the $7

January 8, 2024

Business

Fitch Retains Nigeria’s Credit Rating At B-, Predicts Inflation At Below 21%

Highlighting Nigeria’s major strengths as large economy, developed and liquid domestic debt market, and large oil and gas reserves, the global rating agency, Fitch, has affirmed the country’s long-term foreign-currency issuer default outlook at ‘B-‘ with a stable outlook. Fitch Ratings however

November 9, 2023

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Foreign exchange Nigeria

CBN Sells $20,000 To BDCs At N1,580 As Naira Depreciation Persists

How Nigeria Spent $28.65bn On Foreign Education In 10 Years

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 19th August 2024

CBN FX Retail Auction: How 26 Banks Got $876.26m At N1,495/$

Unstable Customs Duty Exchange Rate Weakens Investors’ Confidence In Nigeria’s Economy – Expert

Naira Rebound To N1,400, CBN Clearing Of FX Backlogs: It’s Not Yet Time For Celebration – Expert

CBN Raises Benchmark Interest Rate To 22.75%

Why CBN Fixed $1m As Capital Requirements For International Money Transfer Operators

Airlines Receive $62m Windfall As CBN Eases Forex Woes By Repaying Banks $2bn Debt

Fitch Retains Nigeria’s Credit Rating At B-, Predicts Inflation At Below 21%

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